Today I learned about this new coin called Toncoin and why it was rushing towards the top. I read a few articles on Toncoin and learned about it. I haven't explored technically about this coin but it appears to be a good one and that's one of the reasons why it is moving up in terms of market cap. There are some strong reasons why Toncoin can go even further and I would like to talk about a few strong points there. I also think there can be a few problems along with the good things with Toncoin
First of all, we have so many coins in the market with similar use cases. Sometimes despite all other competitors, one coin might shine in the market because of its popularity and how big investors and big companies back them.
Toncoin has a definite supply
This is one of the strongest reasons why I see the price can keep going up. I read an article from 2022 that explained to me about Toncoin and in that article, they predicted the price of Toncoin would reach 4 dollars in 2030. But looking at the price right now the coin has already crossed 7 dollars and it appears to keep going further up. I like coins that have a limited supply or a definite supply. The reason is that it then becomes something similar to Bitcoin. If the supply is limited, there will be no need for sinks but just use cases, this way the coin price can keep going up.
People were asking questions about mining Toncoin but that bus has already crossed. There is no possibility now of mining the coin because all the possible coins have been already minted. Toncoin is now available for purchase from exchanges only.
Toncoin is backed by Telegram
Yes, this should have been the first thing that I should have shared. The Telegram team created Toncoin and they stopped further development after there was an issue with SEC. Now that all the issues have been resolved, they are now continuing to support and back Toncoin. We all know how big Telegram is and what they are capable of doing. Despite all the chat applications we have in the market, they are growing faster and today many people still use Telegram as their primary communication application.
Recently Toncoin wallet was added to Telegram and that made the price of the coin pump further. There is now an integration available to ETH too.
Toncoin has an Ethereum bridge
Many blockchains that are older in the market are still struggling to provide a bridge between Bitcoin and Ethereum. Toncoin has a facility where there is an ERC20 wrapping available for Toncoin. This means that people can trade Toncoin directly on Ethereum-based exchanges with transfers. Another big advantage that Toncoin has is that they have a listing in some top exchanges like Coinbase and Binance.
People can purchase Toncoin and hold it in their wallet. There is also a concept of getting staking rewards with Toncoin and I heard that people who stake can also participate in proposals and governance voting.
Above is my understanding of Toncoin so far. Since the price was going up continuously I was curious to find out more about Toncoin. Please let me know in the comments section if any information shared above is incorrect. Don't take my words as financial advice. It is good to do your own research.
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