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Telegram CEO Pavel Durov announced on Thursday that the firm is launching a new in-app currency that will enable users to purchase digital products and services within Telegram micro apps within an ecosystem supported by cryptocurrencies. The currency will be built on the TON Coin, which just recently hit its all-time high levels.
The new app-based currency will be based on in-app purchased technology and will be available for both iOS and Android users. The currency, called Telegram Stars, will help mini apps to accept payments for digital services using the simplest payment method possible.
Additionally, developers of small apps can use TON to withdraw their Stars through Fragment. The firm also mentioned that under favorable terms, they can utilize Stars to further promote their apps on Telegram.
TON Coin's All-Time High Price
TON Coin recently hit its all-time high value of $7.76 apiece. The price of the TON coin is currently $7.35, according to real-time TON to USD price update. According to the most recent estimate, the price of the TON coin will rise by 12.93% by mid-June, to $8.30. The market mood on the TON coin is 90% bullish, according to our technical indicators, while the Fear & Greed Index shows an extremely greedy score of 78. TON coin has experienced 5.23% price volatility and 15/30 (or 50%) green days over the past 30 days.
Since March, TON's social volume has grown as a result of growing interest and the anticipation of a price increase among the cryptocurrency community. An increase in long holdings, driven by traders looking to benefit handsomely from the TON boom, contributed to this gain.
Simultaneously, the number of whale trades, as disclosed by Analytics Insight, implies that major investors are placing significant wagers, indicating heightened market confidence in TON prospects.
Furthermore, as of mid-May, TON active addresses have outpaced Bitcoin (BTC) by over 160%, indicating the bullish attitude of investors. The fact that TON's derivatives volume grew by almost 198% to $695.30 million, indicating heightened trading activity and interest in the TON market, lends further credence to the bullish outlook.
With the all-time high trade, Telegram must likely have thought of expanding the coin's reach and making good use of it. Today's launch will likely bring together two benefits for the social media platform. A heightened trading volume due to the use by developers and an interdependent mechanism of Starts and TON for better functionality.
