Toncoin Jumps After ...

Toncoin Jumps After ‘8-Figure’ Investment by MEXC Ventures

By Decrypt October 06, 2023 In Blockchain, Ethereum, Toncoin

The Open Network’s native token Toncoin (TON). Image: Shutterstock

Toncoin (TON), the native token of the TON blockchain, surged 4% in the last 24 hours, topping the crypto market’s gains on Thursday.

Bitcoin (BTC) and Ethereum (ETH) traded at par with yesterday’s price at 27,641 and 1,634 respectively, per CoinGecko data.

Yesterday’s rise in TON token’s value comes on the heels of an investment raise by MEXC Ventures and sustained positive momentum from the last quarter.

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MEXC Ventures, the investment arm of MEXC exchange, announced an “eight-figure funding into Toncoin,” implying an investment north of $10 million into the TON ecosystem.

This investment will support various TON-based projects, including Megaton Finance, TONPlay, Fanzee, and Sonet.

MEXC exchange will also provide marketing services, offering 0% trading fees for Toncoin.

The MEXC group is planning to launch a TON-based collateral lending service in the future, according to the announcement.

Toncoin’s bullish momentum

Toncoin has enjoyed a strong surge since mid-September thanks to Telegram’s integration of the TON crypto wallet and its announcement to back the TON blockchain’s ecosystem at an event in the Token2029 conference.

The blockchain recorded its highest number of transactions in six months at that time, reaching more than 200,000 transfers on September 17.

The spike came after the Telegram integration, with over 2,400 new addresses joining the network on that day, according to data pulled from TonStat.

In total, 3.5 million accounts have been created on the TON blockchain in the last two years.

The TON token ended last quarter 58.8% higher, according to CoinGecko data, while Bitcoin and Ethereum witnessed negative gains during the same period.

The positive gains can also be attributed to the initiation of the TON Believers Fund or The Locker program on July 30, which locks TON tokens for two years, with another three-year vesting period.

The community fund is raising money from TON investors until October 23. Large investors can also make donations to the fund, which will be distributed as rewards to other users who locked their tokens along with other community incentives.

So far, the smart contract has raised 687.8 million TON worth $1.47 billion, representing 19.9% of TON’s circulating supply.

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