TON Coin Value Surges After $10M Investment

Toncoin experiences 4% surge in value following MEXC Ventures' $10M investment, with plans for marketing services and collateral lending.

Oct 6, 2023 - 17:41
Oct 6, 2023 - 17:40
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TON Coin Value Surges After $10M Investment
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Toncoin, the native token of the TON blockchain, experienced a 4% surge in a single day. This uptick in value wasn't just a random occurrence. It followed a series of positive events for the TON ecosystem, most notably the substantial 8 figures investment by MEXC Ventures.

MEXC Ventures, the investment branch of the MEXC exchange, recently announced a funding into Toncoin that exceeds $10 million. This is a strategic move that aims to strengthen various TON-based projects. Some of these projects include Megaton Finance, TONPlay, Fanzee, and Sonet.

In addition to the financial support, MEXC exchange is set to offer marketing services for Toncoin, including a tempting 0% trading fee. Furthermore, there are plans in the near future for the MEXC group to introduce a TON-based collateral lending service.

One of the significant boosts for Toncoin came in mid-September when Telegram integrated the TON crypto wallet. This move was further solidified by Telegram's announcement supporting the TON blockchain's ecosystem during the Token2029 conference. Following this integration, the blockchain saw its highest transaction numbers in half a year, with over 200,000 transfers recorded on September 17. This surge was accompanied by the addition of more than 2,400 new addresses to the network on that very day.

The TON blockchain has seen impressive growth over the past two years. A staggering 3.5 million accounts have been created during this period. The TON token itself finished the last quarter with a 58.8% increase, a notable achievement, especially when compared to other major cryptocurrencies like Bitcoin and Ethereum, which didn't fare as well during the same timeframe.

TON Price Chart (Source: TradingView)

Another noteworthy development is the initiation of the TON Believers Fund, also known as The Locker program. Launched on July 30, this program aims to lock TON tokens for a two-year span, followed by a three-year vesting period. The community fund is actively raising money from TON investors until October 23. 

Not only can large investors contribute to the fund, but they can also donate, with these donations set to be distributed as rewards to users who have locked their tokens, along with other community incentives. As of now, the smart contract for this initiative has amassed 687.8 million TON, equivalent to $1.47 billion. This represents a significant 19.9% of TON's circulating supply.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.