Toncoin has continued to garner hype and optimism across the social space since the big Telegram news, pushing its price to substantially outperform all top 10 cryptocurrencies by market capitalization.
While the ongoing market resurgence has fueled a broad rally in the price of most crypto assets, Toncoin's price is growing at a remarkable pace, all thanks to a major development proposed by Telegram's founder, Pavel Durov.
Telegram to become TON's largest validator
Just recently, the founder and CEO of Telegram, Pavel Durov, sparked a market buzz after announcing plans to make Telegram replace the TON foundation.
The founder disclosed plans to significantly expand Telegram's role in the TON network, allowing it to become the network's largest validator.
Following the news, Toncoin has continued to garner significant traction, with its price surging from around $1.30 on May 3 to over $2.30 as of the time of writing.
The rapid price surge marks an increase of over 69% in the price of Toncoin in just about 3 days. Although the crypto market is experiencing a broad price rally, the explosive surge in TON's price is majorly attributed to the hype surrounding the big Telegram news.
TON's social mentions skyrocket
In his statement, Durov confirmed that Telegram is looking to assume control over validation and protocol direction, while also cutting transaction fees by about sixfold.
Within just 24 hours, data from CoinMarketCap shows that TON has surged by over 28% over the last day, bringing its price to $2.41 as of the time of writing.
Alongside this rapid price surge, TON's social activity has also skyrocketed as TON mentions spiked to 91 within just four hours on May 5, according to data from Santiment.
Dan Burgin
U.Today Editorial Team
