TON Token Reaches Record High of $8.25 Amid Crypto Market Downturn
Despite a recent downturn in the cryptocurrency market, The Open Network’s toncoin (TON) reached an all-time high of $8.25 per unit on Saturday morning. This milestone has propelled TON into the top ten cryptocurrencies, with a current market valuation nearing $20 billion.
The native token of The Open Network, a proof-of-stake blockchain, saw a significant surge on June 15, hitting $8.25 per coin as other major cryptocurrencies like BTC faced declines against the U.S. dollar.
In the last two weeks alone, TON has surged by 27.8%, marking a staggering 485% increase over the past year. This remarkable growth has solidified TON’s position as the ninth-largest cryptocurrency by market capitalization, totaling $19.76 billion and claiming a market share of 0.77696% in the $2.545 trillion crypto market.
Driven by the success of TON-based games such as Tapswap, Pixelverse, and Notcoin, The Open Network has experienced a surge in demand for its native token, toncoin, formerly known as gram. This token is utilized for trading, staking, covering transaction fees, and enabling various features within the TON ecosystem.
TON’s innovative multi-blockchain structure, comprising a masterchain and multiple workchains, allows for increased scalability by processing millions of transactions per second. Utilizing a proof-of-stake consensus algorithm, TON validators stake their coins to validate transactions and generate new blocks while receiving rewards in return. Additionally, TON supports sophisticated smart contracts for creating tokens, NFTs, and decentralized applications (dapps).
With 3,600,868 unique addresses holding TON and the top ten wallets controlling 61% of the supply, the future of TON’s ranking remains uncertain. Despite this, many credit its success to its integration with the Telegram messaging app, a platform initially envisioned by the Durov brothers, founders of Telegram. Following regulatory challenges with the SEC in 2019, the project transitioned to community-led governance through the TON Foundation.
What are your thoughts on TON achieving an all-time high on June 15? Feel free to share your opinions in the comments section below.
