- Telegram introduces Telegram Stars, an in-app token for purchasing digital goods and services.
- Toncoin experiences a notable price surge, rallying 7% to $7.69.
Toncoin (TON) has displayed a significant recovery in value recently, with a remarkable 11.7% rise on June 2, lifting its price from approximately $6.28 to around $7.02. This was followed by another significant 18.41% spike on June 5, pushing its TON price to an all-time high of $7.78. This surge follows a period of price stability around $6.50 and represents a 24% overall 3-day increase, signaling strong bullish momentum.
At the time of writing, Toncoin traded at $7.69–showing a 7% intraday rally, marking a 20% surge over the week and a 225% rise since the year’s beginning. Despite a 0.93% dip from its all-time high, it remains strong. Additionally, for the second time, TON has surpassed Cardano (ADA) in terms of market capitalization, securing the 9th position in the crypto market with a market cap of $18.64 billion.
Telegram Launches Stars In-App Currency Option
While Toncoin made a wave in the crypto market with its price performance, Telegram launched “Telegram Stars,” an in-app token for purchasing digital goods and services, on June 6. Telegram CEO Pavel Durov announced that Stars can be exchanged for Toncoin through the Fragment platform.
This initiative is part of Telegram’s broader strategy to promote cryptocurrency adoption, which also included the launch of Tether (USDT) on the TON blockchain in April. Telegram will also subsidize ads bought with Stars to offset the 30% commission taken by Apple and Google on digital sales.
However, if Toncoin can continue its bull run and break the $8.00 resistance level, it could potentially reach $9.25, which could trigger more rallies and send Toncoin’s price to $10.76, with further gains up to $11.80, driven by strong technical patterns and positive market sentiment.
If TON’s price fails to stay above $7, it could drop below the critical support level of $6.60, challenging this upward trend. Further declines could trigger a drop to $6.20, trapping TON in a bearish trend once again and potentially causing its price to fall below the $6 range.
