Toncoin (TON), the native digital currency of the Telegram Open Network, is among the top performers of 2022 as the coin had a very bullish year relative to other cryptocurrencies in the space. The digital currency is trading at $2.3 atop a 2.70% growth over the past 24 hours and is up 27% over the past month.
The growth and popularity of Toncoin is one that has gotten the community riled and expectant. Over the past year, Toncoin has grown to become the 23rd-largest cryptocurrency by market capitalization, coming off as one of the most influential altcoins in the crypto winter year.
By comparison to other digital currencies, TON has maintained impressive growth, rising by as much as 54% as of mid-December after floating anonymous phone numbers for use on Telegram. In 2022, TON closed the year at a loss of 38.7%, a figure that is impressive when compared to the 65% for Bitcoin (BTC).
Toncoin's growth is massively hinged on its ecosystem diversity and growth as well as the close link of the cryptocurrency to the Telegram social media platform. With the way the coin entered this year on a bullish note, many retail investors are enthusiastic to see how far the coin will grow this year.
Pushing Telegram ideology
Toncoin (TON) was first the brainchild of the Telegram development team, but the pilot project and its Gram token proposition were abandoned following the U.S. Securities and Exchange Commission's (SEC) crackdown on the project.
Despite handing over the project to the TON Foundation, the underlying ideology has never been watered down. Today, many exchanges are beginning to align with this ideology, as seen in the high-level listing of TON today.
This year, Toncoin is bound to see unique highs that will be tied to the growth of Telegram as a platform as the precedents to this push were set last year.