The past few days have been a red season for most major crypto assets as they significantly dropped in price.
There are various reasons for this general price drop but the most significant is the crypto market reacting to the outcome of the United States Federal Open Market Committee meeting which decided not to cut interest rates in the country.
The general price drop affected all top 10 crypto assets by market cap except three assets. These three assets include USDT (Tether), USDC (Circle) and Toncoin ($TON).
The above data is interesting because Tether and Circle are both stablecoins which have their value pegged to the US dollar and are not easily influenced by market forces.
Toncoin on the other hand is not a stablecoin but somehow remained strong throughout the general price drop and even surged to a new all-time high of $8.
This impressive performance by Toncoin has sparked a flurry of reactions by crypto enthusiasts and analysts globally who marked this development that Toncoin is on its way to becoming a significant player in the Crypto markets.
We are now going to look at Toncoin as a crypto asset and five things we believe our readers should know about this new shining star.
What is Toncoin ($TON)
Toncoin is the native cryptocurrency of the Open Network Blockchain (TON) developed by Telegram. Toncoin allows users to pay blockchain fees on The Open Network and participate in governance decisions.
The Open Network Blockchain was originally developed by Nikolai Durov and the Telegram messaging app team to integrate blockchain and cryptocurrency into the Telegram ecosystem.
Toncoin is the native token of this project and a very essential part of the Telegram ecosystem since the messaging app made its foray into the crypto industry.
Toncoin just hit an all-time high of $8 following the surge in price by the crypto asset despite the general price drop of other crypto assets.
Ton coin’s performance has made it an instant rave of the moment and we are going to be looking at five things to know about the crypto asset.
- Utility Token
Toncoin is not a memecoin or a stand-alone crypto asset. It is a utility token which also serves as the native token of the Open Network Blockchain also known as the TON blockchain. Toncoin is used for network operations, transactions, games or collectables built on TON.
- Uses Proof of Stake Network
Proof-of-stake (PoS) is a consensus mechanism used in blockchain networks to validate transactions and create new blocks. It’s a way to decide which users validate new blocks of transactions and reward them for doing so correctly. Toncoin operates on a Proof of Stake mechanism of the Ton blockchain.
- 10th largest crypto asset by market capitalization
Toncoin is listed at number 10 on the list of top 10 crypto assets by market capitalization. It has a market capitalization of over $19 billion and currently hits an all-time high of $8.
- Circulating Supply
Toncoin has an impressive circulating supply of 2.4 billion coins at the time of writing this report. Its maximum supply is 5.11 billion coins.
- Where to buy Toncoin
Toncoin can be bought in most centralized crypto exchanges. The most popular exchange to buy and trade Toncoin is Gate.io, where the most active trading pair TON/USDT has a trading volume of $21,760,575 in the last 24 hours. Other popular options include Bit2Me and OKX. Toncoin is yet to be listed on Binance for trading.
What to Know
- In cryptocurrency, circulating supply is the number of coins or tokens that are available for public trade on a blockchain at any given time. It is quite different from the Total supply which is the total number of coins in existence for a particular crypto asset. Circulating supply can be less than Total supply when you factor in locked tokens or tokens lost by accident.
- Toncoin added 12% in two days while other major crypto assets were experiencing a drop in prices .