Bitget exchange predicts TON’s Toncoin cryptocurrency will “likely outperform” spot returns of Bitcoin in the coming years.
Bitget, a cryptocurrency exchange significant investor in The Open Network (TON) Foundation, has published a research report on TON. The report includes several audacious predictions for the TON ecosystem.
Bitget proposed in the report that the TON ecosystem may need to establish separation from Telegram in light of the ongoing regulatory concerns associated with the messenger.
Bitget predicted that TON would likely move toward “de-Telegramization” in the long term to reduce the regulatory risks associated with Telegram. The report indicated that the TON blockchain will continue to depend on the Telegram user base until 2024, and it further stated:
“In the long run, as the ecosystem develops and infrastructure improves, there will likely be a trend towards “de-Telegramization” to mitigate regulatory risks associated with Telegram.”
TON is “likely” to outperform Bitcoin’s spot returns in a bullish market
Bitget predicted that Toncoin, the native cryptocurrency of the TON blockchain, will increase in tandem with broader market trends, among other predictions in the report.
In a favorable market scenario, Bitget anticipates that Toncoin will “likely” surpass Bitcoin spot returns. Additionally, the TON ecosystem is expected to garner greater institutional support, with most of these institutions opting for over-the-counter (OTC) to purchase TON.
The TON ecosystem experienced significant growth in 2024, with the rapid proliferation of Telegram Mini Apps such as Notcoin and Hamster Kombat fueling much of the activity. The total value locked (TVL) in various TON initiatives reached a peak of $776.6 million in July 2024, representing a remarkable increase of over 5,300%.
TON’s TVL has been recovering recently, reaching $420 million by September 24, according to data from DefiLlama, following a subsequent 50% decline later in 2024.
Toncoin has achieved a minimum of 140% in returns since the beginning of the year, despite a significant decline after Telegram CEO Pavel Durov’s arrest in August.
In contrast, CoinGecko reports that Bitcoin has experienced a 44% increase from approximately $44,150 on January 1, 2024, to $63,727 at the time of writing.
Simultaneously, BTC and TON experienced approximately equivalent returns over the past year, with a 140% and 148% increase, respectively.
Bitget invested $30 million in TON in partnership with Foresight Ventures
Immediately following the crypto exchange’s announcement of a $30 million strategic investment in the TON blockchain on September 18, Bitget issued optimistic predictions regarding the TON ecosystem.
According to the organization, acquiring TON would facilitate the distribution of its financial assistance to the TON ecosystem. Bitget stated that the company intended to “increase its level of involvement in the governance and future development plans of TON Blockchain.”
Bitget has continuously contributed to the expansion of the TON ecosystem and its recent investment. Since November 2023, when Bitget’s crypto wallet, Bitget Wallet, integrated the TON mainnet, the company has consistently attributed the growth of its platform to the growing demand for new projects, including those fueled by TON.
Bitget’s assertion regarding the potential “de-Telegramization” of the TON ecosystem occurs in Telegram’s ongoing enforcement of more stringent policies on the messenger and the CEO of Telegram’s ongoing investigation in France.
In response to valid legal requests, Telegram will share the IP addresses and phone numbers of individuals who violate the messenger’s rules with the appropriate authorities, as Durov officially announced on September 23.
