Crypto News– Toncoin (TON) has recently witnessed a surge to its highest price levels in nearly a year, driven by a series of positive developments in the cryptocurrency market. Notably, the recent introduction of “Giveaways” on Telegram has played a pivotal role in this remarkable upswing.
Toncoin Price Hits an 11-Month Peak as Telegram Unveils ‘Giveaways’
TON has now claimed its position as the 10th largest cryptocurrency, boasting a market capitalization exceeding $9 billion – a record high for the token. On November 6, Telegram unveiled the “Giveaways” feature, allowing channel owners to randomly distribute rewards to their followers.
A day after this announcement, Pavel Durov, the CEO of Telegram, utilized $200,000 worth of TON tokens to cover Telegram Premium subscriptions for 10,000 users of the platform. It’s worth highlighting that, in this particular case, Durov employed TON as a payment method within the Giveaways feature.
Following the launch of Giveaways, TON’s price experienced a substantial rally, surging by 19.5%. This upward momentum was accompanied by a noticeable increase in trading volumes, indicative of strong buyer interest. As of November 8, the cryptocurrency had reached $2.71, marking its highest price point in almost 11 months.
Telegram, as a prominent supporter of Toncoin, has integrated a self-custodial wallet into its platform, significantly enhancing TON’s prospects for wider adoption among Telegram’s extensive user base of 700 million monthly active users.