Daily Top Mover — Toncoin (TON)
Buoyed by a rally in tech stocks and better-than-expected reports from stocks like Nike, U.S. equities have taken a reprieve from tremendous selling pressures since November’s Fed meeting. However, macroeconomic improvements that point to a sustained rebound are still lacking. Thus, investors should buckle up in the face of thin liquidities during the holiday season. Weighed on by crypto-specific contagion, the broader cryptocurrency market behaved unimpressively, with Bitcoin and Ether moving slightly in an upward direction of 0.18% and 0.52% respectively in the past 24 hours. The top mover for today, TON, which registered a 25% increase in the past 24 hours on Bybit and a 46.1% uptick in the past month, has clearly underperformed the market, likely due to Telegram’s initiatives.
Toncoin (TON) is the native token of The Open Network (TON), a layer 1 blockchain network founded by Telegram. Telegram has emerged as one of the most successful social media giants with web3 integration. With 700 million active users on Telegram and its initiatives in transforming user domain names into NFT on TON, it is likely that TON will attract a large fraction of Telegram users to the network, sending headwinds to the adoption of Toncoin. In addition, TON has not stopped its efforts in infrastructure building and integration. SafePal wallet integration and the rumor of launching a crypto exchange on TON also spurred investors’ interest in Toncoin.
Check Out the Latest Prices, Charts, and Data for TON/USDT!
Talk of the Town
Polygon co-founder, Sandeep Nailwal, announced the launch of Beacon on Wednesday. Beacon, a Web3 startup accelerator, aims to aid early-stage crypto startups in terms of mentorship as well as financial support. The Web3 accelerator has already begun funding fifteen startups that will be revealed in January 2023. Beacon has also announced its upcoming live demo day next month, where founders and investors are gathered to share or learn more about upcoming projects in the space.
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Check out what else is buzzing in the crypto scene today:
Uniswap tapped Moonpay to allow users to buy crypto with debit or credit cards. (Link)
Listed crypto miner Core Scientific filed for Chapter 11 bankruptcy protection. (Link)
Crypto market maker Auros filed for bankruptcy in the aftermath of FTX’s fallout. (Link)
Crypto Exchange Paxful removes Ether from its platform to the surprise of most. (Link)
Source: Bybit Blog | Telegram's Initiatives Boosts TON; Polygon Co-Founder Launches Web3 Accelerator
