Toncoin has experienced significant growth this year, coinciding with Telegram approaching one billion monthly active users. The question remains: will this success continue?

The rankings of the world’s biggest cryptocurrencies by market cap remain relatively stable. Bitcoin holds the top position, followed by Ethereum, with Tether in third place. However, one digital asset that has seen a surge in recent months is Toncoin. Promoted as “the future of currency,” Toncoin is closely linked to the popular Telegram messaging app and has had a notable year so far.

On January 1, Toncoin was the 15th-largest coin, priced at $2.33 with a market cap of $8 billion. Fast forward to now, and it has climbed to ninth place, surpassing Cardano and Avalanche as its market cap doubled to $17 billion in just seven months. TON is now close to overtaking Dogecoin in eighth place, marking another milestone in its rise. But what’s driving this coin’s success, and can it continue?

The TON Story So Far

Telegram made headlines when it began developing its own Layer 1 chain in 2017, initially selling “Gram tokens” to fund the project. However, this led to a confrontation with the Securities and Exchange Commission. Legal threats forced Telegram to abandon the project in mid-2020, but a decentralized team of developers continued the work. Since then, The Open Network has seen substantial progress.

In a significant development, TON’s self-custodial wallet was integrated into Telegram last September, enabling direct crypto payments to businesses through the app. This coincided with Telegram launching Mini Apps, allowing entrepreneurs to replace their websites with frictionless transaction capabilities. This development positions Telegram as a Western counterpart to China’s WeChat, evolving into a “super app” that offers comprehensive services in one place.

Insatiable Demand and Viral Apps

Telegram’s founder Pavel Durov reports that the app now has 950 million monthly active users, up by 50 million from the previous quarter. The company aims to reach one billion users, amid rumors of a potential initial public offering. Reflecting on the progress, Durov stated:

2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain. We’re proud that Telegram is at the epicenter of this societal transformation. To keep the fire going, this month, we will introduce a mini app store and an in-app browser with support for Web3 pages.

This is a bullish development, especially considering Telegram’s vast user base. The app has the potential to expose millions of Web2 users to cryptocurrencies, blockchains, and the Web3 ecosystem. Elon Musk’s enthusiasm for X to fill this void seems to be fading.

One example of how apps can go viral on Telegram is the clicker game Hamster Kombat, which now has over 250 million sign-ups and fully embraces crypto. Soon, Hamster’s team will mint its token on TON, introducing blockchain benefits to millions.

A new era is coming, and we are witnessing its arrival in real time.

High-profile integrations with major crypto businesses further bolster Telegram’s position. USDT payments are now available on Telegram, and OKX has launched a game where players can guess Bitcoin’s price movements. This makes Telegram an app with significant momentum.

However, concerns are growing that Telegram might become the new “dark web,” with illegal activities like gun and drug sales occurring in channels with tens of thousands of subscribers. This, combined with widespread support for crypto payments, could trigger a global regulatory crackdown.

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