Toncoin Price Surge 6% Due to Telegram Stars Withdrawal

Toncoin price surged 6% as Telegram announced that its users can redeem its new in-app currency, Stars in Toncoin. TON whale activity spikes.

Toncoin (TON), a Layer-1 cryptocurrency closely associated with Telegram, has experienced a 6.5% increase in value, defying the broader market consolidation.

The Toncoin price has reached a new all-time high of $7.65 as of press time, with a market capitalization of $18.6 billion and trading volumes surpassing $354 million.

Telegram Announces New In-app Currency Linked to Toncoin

Pavel Durov, the CEO of Telegram, 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.

Stars, the in-app currency, can be acquired with fiat currency through in-app purchases on iOS and Android or immediately within Telegram.

Users can redeem Stars to purchase digital products within Telegram mini-applications, including Notcoin and Hamster Kombat, which are subsequently hosted on the popular messaging platform. Noted in the blog post by Telegram:

“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”.

The preferred cryptocurrency on The Open Network, Toncoin (TON), will shortly be available for developers on Telegram to withdraw their Stars, as announced by Pavel Durov. Fragment, Telegram’s marketplace for in-app identities and advertisements, will facilitate these transactions.

The Wallet assistant on Telegram will allow developers and vendors to exchange their TON for other cryptocurrencies, such as USDT, the world’s largest stablecoin.

TON Whale Activity: Will the Toncoin Price Rally Continue?

Against a robust whale accumulation for the altcoin, the present Toncoin price rally is occurring. Toncoin whale transactions experienced a 237% increase in a single day, as indicated by an update from renowned market analyst Ali Martinez earlier this week.

Martinez’s charts also suggest 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 price of Toncoin will increase to $10 if Bitcoin and the broader cryptocurrency market resume their upward trend this year.