Telegram has unveiled a new feature called Telegram Stars, an in-app token that allows users to purchase digital goods and services. Meanwhile, Toncoin has seen a significant price surge, jumping by 7% to $7.69.
Toncoin, also known as TON, has been on a remarkable recovery path recently. On June 2, its value soared by 11.7%, pushing its price from $6.28 to $7.02. This was followed by another impressive spike of 18.41% on June 5, reaching an all-time high of $7.78. This surge came after a period of price stability around $6.50, marking a 24% overall increase in just three days and signaling strong bullish momentum.
Currently, Toncoin is trading at $7.69, showing a 7% intraday rally. This marks a 20% surge over the week and a staggering 225% rise since the beginning of the year. Despite a slight dip from its peak, Toncoin remains resilient. Additionally, for the second time, TON has surpassed Cardano (ADA) in terms of market capitalization, securing the 9th spot in the crypto market with a market cap of $18.64 billion.
While Toncoin was making waves in the market, Telegram introduced “Telegram Stars” on June 6, an in-app token for purchasing digital goods and services. CEO Pavel Durov announced that Stars can be exchanged for Toncoin through the Fragment platform. This move is part of Telegram’s larger strategy to promote cryptocurrency adoption, which also included the launch of Tether (USDT) on the TON blockchain in April. Telegram will also subsidize ads purchased with Stars to offset the 30% commission charged by Apple and Google on digital sales.
If Toncoin continues its bullish trend and breaks the $8.00 resistance level, it could potentially reach $9.25, triggering more rallies and pushing its price to $10.76. Strong technical patterns and positive market sentiment could drive further gains up to $11.80.
However, if TON’s price fails to stay above $7, it could drop below the critical support level of $6.60, challenging its upward momentum. Further declines might lead to a drop to $6.20, trapping TON in a bearish trend once again and potentially causing its price to fall below the $6 mark.