Toncoin broke the sentiment of the entire cryptocurrency market as the value of Toncoin continued to move higher. According to CoinMarketCap, the native token of the TON blockchain has maintained gains of over 20% over the past seven days. However, the token has experienced extreme volatility over the past 24 hours. And not just on the last day.
Earlier this week, popular hardware wallet SafePal announced support for the TON blockchain and its native currency, TON.according to blog post On its official website, the hardware wallet provider will include Toncoin in its list of supported cryptocurrencies by the end of 2022. This means users can now safely store their cryptocurrency holdings using SafePal devices.
The TON community has also been bullish following the launch of Telegram’s username auction service. So far, users have shown great interest in buying names like “alfa,” “dogecoin,” and “amazon.” The company launched its auction service earlier this month. It allows users to buy or sell unique usernames based on TON.
SafePal will support Toncoin until the end of 2022, the token rises and then falls
SafePal announced plans to add support for Toncoin, the native currency of the TON blockchain, by the end of 2022.The announcement was made on its official website on November 17 twitter page and website. According to the post, SafePal will be the first cold wallet to support native tokens. It also mentions that it will provide offline storage for tokens. Beyond that, SafePal says it will enable users to send and receive Toncoins from any other wallet.
Recent interest in the TON blockchain has prompted integration. According to the blog post, the integration will also be implemented on SafePal’s software wallet product. However, they did not specify a date when the feature would be available. It only mentions that it will launch before the end of the fourth quarter of 2022.
After the November 17 announcement, the price of Toncoin began to surge. It jumped nearly 8 percent, from $1.69 to $1.82 before retreating. However, the surge the next day did not last well enough as it saw the price drop. Fortunately, the drop was not severe and the coin still rallied and continued to rally.
Toncoin Analysis – Where is the Token Going?
Despite fluctuating between highs and lows at press time, the TON token has been steadily rising since the start of the week. The overall crypto market sentiment has been bearish, but the TON token bucked the trend. It is currently trading at around $1.78, up more than 11% in the past seven days.
However, the coin is not doing well in terms of trading volume. Activity has slowed by more than 50% over the past 24 hours. While this isn’t worrisome, it does suggest that traders may be slowing down the Telegram username auction. But that hasn’t stopped the coin’s price from rising. It remains to be seen whether the coin will maintain its current momentum over the next few days.
Featured image from Pixabay and chart from TradingView.com