Animoca Brands is a Web3 that focuses on blockchain gaming and GameFi. And quite recently, this company has announced a strategic partnership with Telegram's The Open Network or TON.
According to reports, Animoca has pumped a lot of money into TON and has now become the largest validator on the blockchain.
Here's why this is such a big deal, and what all 800 million Telegram users around the world can expect from this new partnership
According to a recent announcement tweet from Animoca Brands, the company has invested in The Open Network and has now become its largest validator.
This means that Animoca will be mostly responsible for securing the network, and will now have a large part to play in its governance.
The actual value of the investment was not disclosed in the announcement, but considering how TonCoin has a market cap of about $8.5 billion, Animoca's investment is bound to be close to, if not more than a billion dollars.
According to the report attached to the announcement, Animoca is especially interested in TON Play, one of the most popular blockchain-gaming platforms, but built on the TON network.
Animoca also intends to support Ton Play, as a way to deliver new gaming projects to Telegram users, via their Telegram web app, or the app's PlayDeck Bot.
These new investments already have a dedicated user base, in that Telegram already has about 800 million users.
As shown below the transaction count on the TON network has been on a steady increase throughout November.
At the time of writing, the network's cumulative transaction count sits at about 166 million, with a daily transaction count of 190,000 today alone.
The wallet count on the TON network has also spiked severally throughout November, with a total of 3.8 million wallets created so far.
The number of wallets created in a single day even spiked to about 13,000 on 21 November.
Since the announcement hit the internet, Toncoin has rallied by about 2.4%, per data from CoinMarketCap.
But way before that, Ton was already bullish. Over the last 7 days, the cryptocurrency has rallied by about 4.5%, and by nearly 20% over the last month.
The cryptocurrency currently trades at about $2.5. The cryptocurrency might be bullish today, but data from TradingView shows that its bullishness has started since August, as shown below.
Starting from a $1.16 low, the cryptocurrency has so far rallied by more than 100% to where it now sits at $2.5.
Toncoin has some pretty interesting price prospects ahead of it, as it approaches the $2.6 resistance as shown below.
We say its price action is interesting because if a breakout occurs at this point Toncoin has the potential to rally by another 26% to 30 April's $3.3 high.
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