Toncoin (TON) Records Positive Moves As Major Cryptos Recover
November 16 2022 - 06:13AM
NEWSBTC
Toncoin, Telegram’s official blockchain token, has printed positive
gains as the overall market tries to recover. TON saw a price
increase of 1.52% on the day while gaining ground against BTC and
ETH. It also reached an intraday high of $1.71. However, it has
retracted, sitting at $1.69 press time. The blockchain’s native
token has also had a positive week. Despite falling to $1.33 at the
start of the week, it recovered quickly and posted a 5.57%
increase. Toncoin’s positive moves can be attributed to its parent
company, Telegram’s latest username feature. Related Reading:
Avalanche Looks To Capitalize On GameFi Segment – Will This Give
AVAX Some Boost? Telegram Allows Users To Buy Unique Usernames This
week, Telegram officially launched a new feature that enables the
auctioning off of usernames. Users of Telegram now have the ability
to auction off their usernames for their accounts, public groups,
or channels, as stated by Telegram. The feature is quite similar to
the ENS domains on the Ethereum network. The auction was
hosted by Fragment, a free marketplace for trading collectibles
between users. According to Telegram, it’ll use the TON blockchain
to secure the ownership and uniqueness of each username. The
company also mentioned that users could create many aliases for
their accounts, groups, and channels. Telegram added: For the first
time in the history of social media, people have full ownership of
their usernames. Long-time Telegram users who have been using short
usernames they registered for early on can now benefit from the
platform’s growth by selling their usernames in fair, transparent,
fully decentralized auctions. Toncoin Surges As New Accounts And
Wallet Holders Increase TON has also enjoyed surges in other areas,
including the number of new accounts and wallets holding the token.
As per data from CoinMarketCap, the number of wallets holding TON
increased by over 12% in the last 7 days. On November 10, the
number of unique wallet addresses was 2,546. However, it surged
sharply on the 13th, adding over 200 unique addresses between then
and today, the 16th. The number of new account registration
on the blockchain has also increased since the start of November.
Data obtained from the TON official Telegram channel noted a 1%
rise between November 6th and 12th. This increased the number of
new accounts to 1,421,079, up from 1,406,699. These increases don’t
come as a surprise, given the launch of the Telegram username
auction and Fragment marketplace. As of writing, TON’s market cap
had jumped 1.46%, though trading its 24-hour trading volume was
down over 30%. Related Reading: Dogecoin (DOGE) Prints Bullish
Pattern, Why It Could Surge to $0.11 The latest features on
Telegram are a big step forward for Web3. In August, Pavel Durov,
founder of Telegram, first introduced the concept of username
ownership being recorded on the blockchain. When Durov talked about
the idea earlier this year, he said that “a little bit of Web 3.0”
could be added to “Telegram in the coming weeks.” His comments at
the time reflected his admiration for the TON Foundation’s
successful domain name auction. Featured image from Pixabay and
chart from TradingView.com
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