Toncoin Price Jumps 3% Following Telegram’s Announcement of ‘Stars’ Digital Currency
- Telegram announced the launch of Stars, a digital currency for seamless transactions.
- Toncoin is priced at $6.33 with a market cap of $21.9 billion, but sentiment among holders is mixed.
Telegram’s introduction of its new digital currency, Stars, has significantly impacted the cryptocurrency market, particularly influencing the trajectory of Toncoin. Scheduled for release on June 12, Stars is designed to facilitate seamless transactions within Telegram’s ecosystem, specifically for purchases within bots and gadgets.
#TON is launching a new token for Telegram internal payments
A few large channels report that Telegram will launch an internal currency, Telegram Stars, for paying for digital goods in bots.
— Web3_Vibes (@W3Vibes) May 23, 2024
A few large channels report that Telegram will launch an internal currency, Telegram Stars, for paying for digital goods in bots.Developers Discuss Stars Integration and App Store Conflicts
Following Telegram’s announcement, developers within the ecosystem have quickly addressed the implications of Stars. Notifications among developers highlighted a dedicated channel named “Telegram Marketing,” where discussions about Stars and their impact were active.
However, the App Store warned Telegram about potential violations of its policies, specifically paragraphs 4.7 and 3.1.1 concerning payment mechanisms. A recent notification from the Telegram Marketing channel highlighted potential conflicts with Apple’s App Store policies regarding payment mechanisms.
Users will soon be able to purchase Stars directly through the App Store and Google Play, likely incurring a standard service fee of 30%. Developers can convert these earnings back into TON, suggesting a tangible utility that could enhance Toncoin’s demand and value.
Examples such as the PremiumBot in Telegram illustrate the potential for discounted subscriptions, showcasing evolving dynamics within the cryptocurrency landscape. Users now have the option to transact for services directly, bypassing traditional payment channels and reducing costs.
Market Reacts as Toncoin Price Rises on Stars News
The Stars announcement has led to a noticeable increase in Toncoin’s price, reflecting the market’s positive response. Toncoin, which recently traded at $6.46 with a robust 24-hour trading volume of $112 million, has experienced a 3% increase, indicating a strong market reaction to the news.
According to IntoTheBlock, 21% of TON holders are at a break-even point, having purchased their tokens at the current price. This situation is pivotal for these investors, potentially influencing their future market actions.
A significant portion of the Toncoin community, accounting for 29% of all holders, has acquired the token within the last month. This influx of new investors aligns with a 17% rise in Toncoin’s value during the same period, resulting in gains for those who entered the market recently. However, the token has experienced setbacks, including a 2.89% decline over the past week, attributed to rejection at a critical technical pattern, possibly the double top.
The total number of Toncoin holders has reached approximately 20,300, a notable increase from under 10,000 at the beginning of March. This growth in the investor base corresponds with the overall upward trend in the token’s price since the start of the year. However, trading volume has decreased, with CoinMarketCap data indicating a 3% drop to $130.8 million.
Toncoin Integrates with Binance, Boosting Accessibility
Another significant development is that Toncoin has been integrated into Binance, one of the largest cryptocurrency exchanges. The previous confidentiality agreement between Toncoin and Binance hints at deeper collaborative efforts, suggesting that Toncoin’s integration into Binance could be part of a broader strategy within the cryptocurrency sector. This partnership will likely enhance Toncoin’s visibility and accessibility, further driving its market performance.
