With a $273.15 million 24-hour trading volume, the price of TON coin is $5.15 today. The value of the global crypto market as of September 2, 2024, is $13.08 billion, having changed by -4.19% in the previous day. 

With a maximum supply of 5 billion Toncoins and a circulating supply of 2.53B TON coins, TON is down -4.49% over the past 24 hours. TON ranks eleventh in market capitalisation. On September 2, 2024, it recorded a 24-hour high of $5.39. Its 24-hour low, recorded on September 2, 2024, is $5.13. 

Toncoin (TON) is a native digital currency of The Open Network, a decentralised layer-1 blockchain. Numerous network participants, including the nonprofit TON Foundation in Switzerland, support the open-source TON blockchain.

The Telegram team has been working on the software code for a system network with a native cryptocurrency called “Gram” since 2017. People formerly knew the network as the Telegram Open Network (TON).

In response to an SEC court order, Telegram founder and CEO Pavel Durov declared in May 2020 that the company would no longer work with the TON Blockchain. There was never a Gram token released.

A self-governing group of blockchain enthusiasts and developers has developed the technology since 2020. The most well-known of these supporters is the nonprofit TON Foundation. The TON network now calls its local crypto Toncoin, and previously, people referred to the blockchain as the “Telegram Open Network.”

The whitepaper includes a portion of the initial codebase that brothers Nikolai Durov and Pavel Durov, co-founders of Telegram, authored. Toncoin uses proof-of-stake (PoS) consensus to ensure network scalability and dependability.

History of Toncoin

The designers aimed to make Toncoin handle and simplify crypto transactions as easily as sending a text message, which was an ambitious and revolutionary idea. This was possible by preventing network congestion and reducing the amount of traffic and response time. 

Following Telegram’s demise, the TON project was revitalised. The project was resurrected in 2021 when developers not connected to Telegram acquired the ton.org web address and code repository.

They established The TON coin, which assumed responsibility for advancing the project’s goals. At this point, the project had a new start when Toncoin was restructured as The Open Network (TON).

Participants in the Toncoin network transitioned the testnet to the mainnet under the guidance of The TON Foundation, marking the official launch of Toncoin’s native token. The project reinforced its commitment to community involvement and decentralisation by continuing to distribute Toncoin through Proof-of-Work Giver agreements.

The Proof-of-Stake consensus mechanism used by Toncoin is revolutionary. It makes networks more reliable and scalable, allowing quick, easy, and safe payment services. Toncoin is an eco-friendly choice because it uses a different Proof-of-Work model than many other cryptocurrencies, which consume much energy.

TON Coin Price History

Toncoin’s (TON) trading volume for the past 24 hours is $272,697,747, a decrease of -4.50% from the previous day and indicating a recent decline in market activity.

On June 15, 2024, $8.25 was recorded as the highest price for Toncoin (TON) for three months. In contrast, the present price is 37.49% less than the peak price ever recorded.

The lowest recorded price for Toncoin was $0.5194 on September 21, 2021, or nearly three years ago. In contrast, its price currently trades is 893.35% greater than its all-time low.

Toncoin, with a market capitalisation of $13,077,359,723 and a current ranking of #11 on CoinGecko.

Toncoin’s fully diluted valuation is $26,368,198,935. The maximum market cap is calculated here, assuming that 5.1 billion ETH tokens are currently circulating.

TON is underachieving compared to similar GMCI 30 Index cryptos, up 0.00%. TON outperformed the global cryptocurrency market, down -9.00%, with a price decline of -8.40% over the last seven days.

Although this global market segment is extremely volatile, TON is as dependable as any other cryptocurrency asset. For example, Toncoin’s estimated volatility today is 1.96%. It means you must ensure you have everything ready and review all the information before deciding. 

TON/USD 5-Day Chart

Latest News

The Open Network (TON) experienced two outages today but has since returned online.

The TON Foundation released an update two hours after formally announcing that an abnormally high network load had disrupted block production. The outages were reportedly caused by the airdrop of DOGS, a new TON-based memecoin created to capture the spirit and customs of the Telegram community, which led to unusual network congestion.

TON Core called on validators to resume operations at 4:00 am UTC to restore network consensus. The TON blockchain is now generating new blocks again, with data from the TON payment scanner Dton.io showing 231,879,089 blocks as of this writing.

DOGS, launched in July 2024, quickly earned the title of the “most Telegram-native memecoin.” Its mascot, Spotty, was inspired by Telegram’s CEO and founder, Pavel Durov, who was detained by law enforcement in France on August 24.

The meme coin’s launch triggered overwhelming user demand, resulting in severe congestion on the TON network. Analysis indicated that this congestion was caused by the large volume of data being processed simultaneously.

In just under two months, the DOGS Society on Telegram has attracted nearly 17 million members. Its official X account has also seen explosive growth, amassing almost 4 million followers since its first post in early July.

As users rushed to claim their DOGS tokens on-chain, the TON blockchain experienced further congestion. On August 26, several users reported issues with Telegram’s Wallet, attributing the problems to an unusual spike in network activity.

Pavel Durov Crimes

Pavel Durov faces a range of serious charges, including fraud, refusal to cooperate with French authorities, managing an illicit online marketplace, assisting organised crime through the app, and involvement in the dissemination of child sex abuse material. The charges were later expanded to include drug trafficking.

Paris prosecutor Laure Beccuau set Durov’s bail at €5 million (approximately AU$8.19 million), requiring him to report to a police station twice a week and remain in France while the investigation is ongoing.

Following Durov’s arrest, the value of TON’s native cryptocurrency, Toncoin (TON), dropped significantly, losing over 20% in two days. It trades at US$5.52 (AU$8.14), with a slight 1.30% rebound after Durov’s release.

Final Thoughts

In conclusion, addressing network congestion and actively monitoring performance issues is crucial to understanding Toncoin’s (TON) recent challenges. The recent price fluctuations and network disruptions highlight the need to resolve these problems to maintain stability and reliability. As the TON network evolves, staying informed about these factors will be essential for investors and users.