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MILESTONE | TON Token Enters Top 10 in Market Cap Amid Sustained Ecosystem Growth
TonCoin ($TON), the native token of The Open Network, is now the 10th most valuable cryptocurrency in the world according to data from CoinGecko, jumping over 6% over the last day to a current price of $7.25, as of this writing
TonCoin is also up over 40% in the last seven days, and 115% in the past month.
 TonCoin performance over the last 7 DaysAccording to CoinGecko, TON now has a market cap of over $25 billion, making it the 10th most valuable cryptocurrency in the world, while Cardano (ADA) fell to 11th at just over $21 billion. Cardano is down 2.1% on the day at a current price of about $0.60.
TON was founded by Telegram in 2017 to enable decentralized services such as decentralized storage, anonymous networks, DNS, and fast payments through a proof-of-stake (PoS) method. However, Telegram ditched the project in 2020 following a lawsuit from the United States Securities and Exchange Commission (SEC).
Nonetheless, community organizations rose to sustain the vision of TON. These include entities such as FreeTon, NewTON, and the TON Chinese Community. Gradually, Telegram has embraced the network again, which may be helping to fuel its rise over the past several months.
September 2023 saw the launch of a self-custody TON wallet for Telegram users.
Telegram has also revealed plans to accept payments for advertising in TON, further integrating the cryptocurrency into its platform.
Exciting developments are occurring on the chain as well. The Telegram-based game, NotCoin, has attracted an impressive 35 million players in recent months and is preparing to launch its NOT token on the chain, scheduled for around April 20 2024, to incentivize users. Additionally, the TON Foundation has unveiled a significant $115 million initiative aimed at offering rewards and incentives to attract users to the network.
The TON Foundation has also recently made headlines, thanks to its partnership with HumanCode, a startup specializing in palm-based verification. The collaboration aims to encourage the adoption of its ‘proof-of-personhood’ protocol by offering incentives worth 1 million $TON, equivalent to approximately $6.5 million at current valuation.