Main navigation

Toncoin (TON) Up as Telegram Rival WhatsApp Crashes

Tue, 10/25/2022 - 16:15
article image
Gamza Khanzadaev
Telegram-affiliated Toncoin (TON) price surges on WhatsApp crash
Toncoin (TON) Up as Telegram Rival WhatsApp Crashes
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Aside from the indignation of several billion users of the messenger, today's disruption of WhatsApp definitely caused another group of people to be quite satisfied. The cryptocurrency Toncoin (TON), affiliated with Telegram, grew by almost 10% during the failure of its direct messaging competitor.

Source: CoinMarketCap

Having given up some of the growth after a while, TON is still trading at 4%, above its opening price at press time. Funnily enough, the WhatsApp disruption, apart from its indirect impact on TON quotes, also caused a spike in search queries for key word "Telegram."

Telegram and TON ties

TON and Telegram are independent but friendly projects. Telegram withdrew from the development of the blockchain platform TON, which was being funded by the messenger's founder, Pavel Durov, under the terms of a peace agreement with U.S. regulators in May 2020.

The Open Network team has a certain freedom in implementing developments on Telegram. For example, the messenger has already integrated TON's crypto wallet with its P2P market, sold out its NFT TON Punks collection and recently announced an auction for short names on Telegram, similar to Ethereum Name Service domains.

TON blockchain performance

As a Layer 1 blockchain, TON compares itself directly to Solana and Ethereum, if the project's official website is to be believed. So far, however, the number of transactions on the blockchain has reached 85.2 million, with 1.4 million addresses and 232 validators.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.