Toncoin price reaches new all-time high as Telegram revealed that users can redeem Stars in Toncoin, TON whale activity spikes.
Toncoin (TON), a layer-1 cryptocurrency closely linked to Telegram, has surged by over 6.5%, defying the overall market consolidation.
The Toncoin price has reached a new all-time high of $7.65 as of press time, with a market cap of $18.6 billion and trading volumes surpassing $354 million.
Telegram Presents Toncoin-Linked In-App Currency
Telegram CEO Pavel Durov announced on Thursday, June 6, the introduction of a new in-app currency that will enable the purchase of digital products and services across all mini-apps on the Telegram platform, all within a crypto-backed ecosystem.
In-app purchases on iOS and Android, as well as direct purchases within Telegram, are ways to acquire the in-app currency, Stars, using fiat currency.
Subsequently, users may utilize Stars to acquire digital products within Telegram mini apps, including Hamster Kombat and Notcoin, which are located on the messaging platform.
In the blog post, Telegram noted:
“With fast, user-friendly payments for digital goods and services, the bot and mini app platform will allow new types of businesses to reach over 900 million potential customers inside Telegram”.
Pavel Durov confirmed that developers on Telegram would soon be able to withdraw their Stars in Toncoin (TON), the preferred cryptocurrency on The Open Network.
These transactions will take place on Fragment, the marketplace for in-app usernames and advertisements on Telegram.
The Wallet bot on Telegram will provide developers and vendors with the opportunity to exchange their TON for other cryptocurrencies, such as USDT, the world’s largest stablecoin.
TON Whale Activity, Will the Price Rally Continue?
The recent Toncoin price increase occurs against the backdrop of a substantial whale accumulation for the altcoin.
Toncoin whale transactions surged by over 237% in a single day, according to an update from renowned market analyst Ali Martinez earlier this week.
Martinez’s charts also indicate that Toncoin whale transactions have increased from a minimum of five over the past week to 27 as of June 3.
Analysts have been anticipating that the Toncoin price will rise to $10 if Bitcoin and the broader cryptocurrency market resume their upward trend this year.
