Toncoin rallies nearly 60% after Telegram CEO's Endorsement
Toncoin, one of the spin-offs of the Telegram Open Network (TON), a blockchain-based decentralized computer network technology that Telegram Groups originally developed, has jumped by more than 60% in two days after the endorsement by the CEO of Telegram, Pavel Durov, via a Telegram post.
Surprising move from Telegram
The endorsement of Toncoin was an unprecedented event as Telegram had dropped the TON project in 2020 and also the cryptocurrency of the platform, which was named Gram, "leaving it to the next generations of entrepreneurs and developers to pick up the banner." The reason for abandoning TON was the decision of a US court of law.Durov expressed his happiness on the fact that the next generation of developers is continuing to build the open-source protocol.
Commenting on the abilities of Toncoin, Durov said that he is "proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefitting humanity."
"Unlike the original TON, Toncoin is independent from Telegram. But I wish its team the same success. Coupled with the right go-to-market strategy, they have all they need to build something epic," said Durov in a Telegram post.
Toncoin partners with Donate
Toncoin announced on Thursday via a Telegram post that they are partnering with a Telegram-verified payments service, Donate. Furthermore, the post said that "soon, users will be able to make donations and pay for their subscriptions in Toncoin, and channel administrators, conversely, will be able to collect their income in the same cryptocurrency."On the other hand, following the announcement and major endorsement from the Telegram CEO, the Toncoin turned bullish, opening the daily candle for Thursday at $2.389, reaching a daily high of $3.6035, and closing the candle at $2.3904, marking a 43% increase.
Furthermore, the daily candle for Friday marked a high price of $3.96, and as of 12:29 p.m. UTC, Toncoin is trading at an 11% increase in the last 24 hours, at $3.90.
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