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- Pavel Durov announced updates on Telegram’s auction platform, Fragment.
- The announcement gave Toncoin a boost.
- Toncoin was trading at the market price of $2.42.
The year is about to end but the crypto market appears to stay down by 2022’s end. From the most trusted stablecoin getting “unstable” to the collapse of the $36 Billion empire overnight led the market towards a massive plunge. But a recent announcement by Pavel Durov, founder of Telegram, gave a boost to Toncoin, the native crypto asset behind TON network.
Toncoin Witnesses a Significant Gain
Paul Durov announced last month that they will upgrade Fragment, the application’s decentralized auction platform to include a DEX and custodial digital wallets. He said that this announcement was in part due to the recent fall of FTX cryptocurrency exchange and the scrutiny that followed the centralized exchanges after the event.
Sam Bankman-Fried, the former CEO of FTX exchange was recently arrested in the Bahamas. He was charged on 8 counts including conspiracy to misuse their client funds and wire frauds. The man, once considered the youngest crypto billionaire, left the investors holding their bags after the FTX group filed for Chapter 11 bankruptcy.
Pavel Durov said that “Their auction platform will rise beyond the usernames. They will develop a set of decentralized tools to let the users securely store and trade virtual currencies.” Since his announcement Toncoin has surged by over 65% from $1.71 to the current day high of $2.86.
Based on the Ethereum blockchain, Toncoin was abandoned after it initially emerged in the market, then taken over by Ton Foundation. Ton network is among the fastest ecosystems processing transactions per second. The project reached 55,000 TPS in 2021, but it can process much more transactions according to CoinMarketCap.
Ethereum (ETH) Price Analysis
Cryptocurrency sector had a market capitalization of $860 Billion at the publication time. Ethereum, the second biggest digital asset, was down by 1.56% in the past 24 hours, changing hands at $1,288 at the publication. ETH has plunged significantly in 2022 since the yearly high of $3,581 in April. The decline soon turned into a bear market, leading the ETH price to $880 in June 2022.
The entire sector reached its peak in November 2021, reaching close to $3 Trillion in market cap. The sector started to show some signs of recovery just before FTX collapse, but the SBF-backed organization fell by its face and brought the crypto winter back in the market.
Currently, the biggest cryptocurrency, Bitcoin, is still shedding its dominance in the market. The asset was trading at a market price of $17,679 currently, uptrending by 4.56% in a week.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
