Telegram's Digital Asset, TON Coin Becomes the 9th Largest Crypto in the World

Liputan6.com, Jakarta Telegram's cryptocurrency, TON Coin, managed to become the 9th largest cryptocurrency in the world, following the Cardano token (ADA Coin), which is now in 10th position. So what is the cause of the increase in TON Coin's crypto position?

Reporting from Cointelegraph, Thursday (11/4/2024), this followed a daily price increase of 13%, TON rose to USD 6.65 or the equivalent of IDR 105,391 (assuming an exchange rate of IDR 15,853 per US dollar) on Wednesday, April 10 2024.

TON Market Capitalization

This price increase pushed TON Coin's market capitalization to USD 23 billion or the equivalent of IDR 364.5 trillion, surpassing ADA's market capitalization of USD 22 billion or the equivalent of IDR 348.6 trillion, according to CoinMarketCap data.

The rally comes a day after developer TON Society set aside USD 5 million in Toncoin to incentivize users to verify their identity using palm scanning technology.

The project aims to enable digital identity verification for Telegram users over the next five years and will distribute 1 million TON to users participating in the identity proof program.