Recently, there has been a noticeable increase in active TON addresses on the Ethereum network. It is clear that behind this increase are the echoes of the news of the integration of The Open Network (TON) coin into the Telegram application. However, it is important to note that this increase and integration does not mean that there is an official connection between the TON project and Telegram.
The huge increase is linked to the TON Foundation’s new move to integrate the TON coin into the Telegram social messaging app. Blockchain analysis platform IntoTheBlockrevealed that the number of active TON addresses increased sevenfold, exceeding the 300 mark for the first time since December.
The price of $TON has made a significant recovery in the last month. This increase has also resulted in a 7x+ increase in active $TON addresses on the Ethereum network. @ton_blockchain pic.twitter.com/7hfE29HfUt
— IntoTheBlock (@intotheblock) September 19, 2023
NEWS CONTINUES BELOW
This shows that interest in the altcoin is increasing and investors remain confident in this project. Additionally, the TON price has increased by an impressive 87% in the last 30 days, indicating rising interest in the project.
Other on-chain data reveals an increase in the number of tokens transferred over the same timeline. The 1.2 million TON tokens (about $3 million) transferred on September 16 were the highest recorded on Ethereum since December.
While TON is an independent blockchain in its own right, the TON Coin on Ethereum exists as a wrapped asset, making it transferable between wallets and tradable on decentralized exchanges (DEXs). DEXs such as Uniswap and Pancakeswap also recorded an increase in TON trading volume following the Telegram news.
TON and Telegram Integration
Last week, the TON Foundation announced that it would heavily integrate blockchain into social messaging app Telegram. In this vein, the TON Foundation has announced plans to launch TON Space, a personal storage wallet within the Telegram application.
Meanwhile, the news about TON Network’s integration with Telegram is not surprising. Blockchain’s relationship with social media application has a long history. TON was a project initiated by Telegram co-founder Pavel Durov and was met with great enthusiasm. However, the TON project was canceled by Telegram as a result of a legal battle waged by the US Securities and Exchange Commission (SEC) in 2019.
After the founders abandoned the project, an independent developer community took over through the TON Foundation. Although Telegram’s founders had no connection with the project, this community of independent developers continued to develop the altcoin project.
You can follow the current price movement here.