Telegram, the renowned messaging service, has made a significant announcement during the Token2049 event in Singapore. The company has unveiled its crypto wallet, developed on The Open Network (TON) blockchain, designed to serve its vast user base of 800 million customers worldwide.

Consequently, this move has sparked a surge in the price of the TON token, contrasting with the relatively flat performance of Bitcoin over the past 24 hours.

Impact on TON Token Price

The announcement of Telegram’s crypto wallet has had a remarkable impact on the TON token’s price. Further, Elite Crypto, a prominent crypto Twitter account, reported the news from Token2049, stating,

Telegram’s crypto wallet is here. After three years of anticipation, they have unveiled it at Token2049 in Singapore. Additionally, they are all in on the TON network, giving $TON token a 7% boost.

Technical Analysis

TON coin price surges

Prior to this announcement, technical analysis had indicated the formation of an inverted head-and-shoulders pattern in the TONcoin price chart, considered a bullish signal.

Moreover, analysts noted that a price breakout above the immediate resistance at $2 would likely lead to the 50-day Exponential Moving Average (EMA) crossing above the 100-day EMA, a common indicator associated with an uptrend in asset prices.

TON Wallet Bot on Telegram

Additionally, it’s worth noting that previous developments related to the Telegram crypto wallet bot were made in collaboration with The Open Network. However, the recent launch of the dedicated crypto wallet represents a distinct and substantial step forward.

In August 2022, the TON Foundation announced that the wallet bot would enable users to purchase, store, and send cryptocurrency all directly within Telegram chats, reflecting Telegram’s ongoing commitment to cryptocurrency integration and innovation.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.