Telegram’s Toncoin (TON) Price Following Whatsapp’s Crash
Telegram native token, Toncoin (TON)’s price grew by almost 10% during the crash of Telegram’s direct messaging competitor, Whatsapp. It’s massive how Whatsapp’s down moment for two hours which left many users frustrated, could significantly affect Telegram positively.
This was because millions of users worldwide could not send or receive messages using Whatsapp, leaving them no choice but to find a new way to communicate. Down Detector, which detects crashes like Whatsapp, says that the problem started around 8:00 Tuesday morning (WAT) and lasted for two hours, affecting millions of users worldwide.
Before now, TON’s growth was stagnant, selling at 4% above the opening price. More interestingly, the Whatsapp crash didn’t just spike up TON’s value but also impacted the number of search query Telegram received within a few hours of the crash.
About Toncoin (TON) And Telegram
TON, short for Telegram Open Network, is a blockchain-based network technology originally developed by the Telegram team. However, Telegram withdrew from developing the TON platform in 2020 after litigation with the US Securities and Exchange Commission.
The project was earlier funded by Pavel Durov — Telegram’s founder, under a peace agreement term with the U.S. regulators in May 2020. Telegram Open Network has a certain level of permission to implement new developments on Telegram.
For instance, Telegram has already integrated TON’s crypto wallet with its P2P market. Also, it sold out the TON Punks NFT collection and later announced auctioning of short usernames on Telegram, almost like Ethereum Name Service domains.
TON is a Layer 1 blockchain, and it compares its performance to that of Solana and Ethereum on its website. Furthermore, the total number of transactions on the platform has reached 85.2 million, with 1.4 million addresses and 232 validators.
TON Listing
In a related development crypto exchange, KuCoin announced that it would list the TON token on its platform before the end of this week. It added that the TON/USDT pair will be available for spot trading on the same day.
The announcement further states that withdrawals for TON tokens will be available beginning this weekend. The KuCoin listing is a massive boost the TON network as the token was also listed by Huobi exchange last month.
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