Telegram announced a new in-app cryptocurrency called Stars for users to buy digital goods in its mini-apps.
This launch is part of Telegram's strategy to build Telegram into a digital commerce hub where users can buy, sell, and swap goods directly.
Users can buy Stars with fiat or convert their Stars earnings to Toncoin, on Fragment.
Toncoin's price has grown significantly in the last five years, rising over 350% in the last year and reaching $7.5 at the time of writing.
A price explosion should result from a Toncoin breakout from the $7.5 - $7.8 zone
In a strategic move that combines the best of the crypto and social media worlds, Telegram has just announced the launch of an in-app cryptocurrency called ‘Stars’. This comes right on the heels of Toncoin reaching a new all-time high and edging out both Shiba Inu and Cardano to become the 10th largest cryptocurrency by market cap.
Let’s go over everything to know about this new Stars cryptocurrency, and what it means for users and the crypto-backed ecosystem Telegram aims to build.
The Stars announcement was made by Pavel Durov in a Telegram message on Thursday this week.
Durov describes this new cryptocurrency as an in-app currency, or “a way to pay for digital services in mini apps.”.
This latest move is part of a larger strategy from Telegram, to make the social media app a digital commerce hub.
This will allow users to buy, sell and even swap goods and services directly on the platform.
Moreover, users can also buy some Stars tokens via in-app purchases on both the iOS and Android platforms or directly within Telegram.
Users can then spend these tokens on digital products designed for use in Telegram mini apps, like Notcoin and the increasingly popular Hamster Kombat.
Moreover, Telegram developers will also be able to convert their earnings from Stars into Toncoin on The Open Network via Fragment, Telegram’s username and ad marketplace.
Toncoin’s price performance has been stellar so far, rising by around 2% over the last 24 hours since writing, and by 17% over the last week.
Toncoin’s growth begins to become more obvious when we point out that the cryptocurrency has risen by more than 350% over the last year alone, allowing it to beat the likes of Shiba Inu, Avalanche and Cardano.
Toncoin’s growth in the last year
In June 2023 (or a year ago), the cryptocurrency traded at a mere $1.5. In June 2022, it traded at a mere $0.9.
At the time of writing, however, the cryptocurrency now trades at around $7.5, in an apparent show of organic growth.
Toncoin’s on-chain data
IntoTheBlock data also shows that 100% of TON holders are in profit, with most holders having jumped in in the last year or less.
Moreover, all signals have turned bull-green, indicating that we might be seeing some explosive price performance on the price of $TON in the next weeks to months.
Toncoin’s price action
According to the charts, TON is currently facing resistance between the $7.5 and $7.8 zone.
This means that another price explosion will be the case if a break above this resistance zone occurs at this point.
Investors should keep an eye out for what happens next with TON, particularly between $7.5 and $7.8.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.