The crypto market has witnessed a remarkable phenomenon in recent weeks, as Telegram-bot tokens have outperformed the rest of the market, delivering consistent double-digit gains. These tokens are closely related to the TON Network, which has a historical affiliation with the instant messaging giant, Telegram.
One of the most prominent Telegram-bot tokens is Toncoin (TON), which has seen a meteoric rise in its price, reaching $1.89 as of September 4, 2023. This represents a 28.9% increase over the past week, while the global crypto market cap has shrunk by nearly 10% in the same period.
Toncoin Has Been on the Rise Lately
Toncoin’s origin can be traced back to the “Telegram Open Network” (TON) project, which was launched by Telegram in 2017 as an ambitious blockchain platform. However, due to legal challenges from the US Securities and Exchange Commission (SEC), the project was rebranded as “The Open Network” in 2020 and became independent from Telegram.
Despite the separation, TON Network still maintains a strong connection with Telegram, as it leverages its user base and infrastructure to create various decentralized applications (DApps) and services. One of these services is the Telegram-bot platform, which allows users to interact with smart contracts and tokens through Telegram bots.
These bots enable users to access various features and functions of TON Network, such as staking, swapping, lending, gaming, and more. Some of the most popular Telegram-bot tokens include TON Crystal (TON), TON Cash (TONC), TON Swap (TONS), and TON Game (TONG).
The surge in demand for these tokens has been driven by several factors, such as the growing popularity of TON Network, the limited availability of these tokens on mainstream exchanges, and the fear of missing out (FOMO) among strategic investors.
As these tokens await wider exposure and adoption, they could potentially offer significant returns for early adopters who are willing to explore this emerging sector within the crypto market.