Blockchain

On-chain data reveals that whales and new wallets are scooping more Maker (MKR), which seems to be propping the token, fanning demand. As of September, MKR is one of the top-performing tokens, adding roughly 120% in three months from June 2023 lows.

When writing, MKR is changing hands above $1,300 and inching closer to July 2023 highs. Notably, MKR is up 14% in the past week of trading, driving market cap above $1.27 billion and trading volume by 36% on the last day.

Whales And Fresh Wallets Buying Maker (MKR)

Trackers note that in the last week of trading, a whale, “0xad0”, bought 1261 MKR worth $1.62 million at an average price of $1,290. Moreover, looking at the trends, whale and fresh wallet activities have been heightened over the previous week. With more accumulation, the token has been tracking higher in tandem.

Parallel data from Lookonchain confirms this development, especially from early September. Earlier this month, a whale sold $1.13 million of Ethereum and bought an equal amount in MKR on Binance.

This transaction comes a day after another entity moved $12.3 million of MKR from Binance. However, while whales appear to be loading up more MKR, Vitalik Buterin, the co-founder of Ethereum, sold his stash of MKR for ETH on September 2. 

Maker Finance is a decentralized lending and borrowing platform on Ethereum. As of September 20, the protocol had a total value locked (TVL) of over $4.8 billion, according to DeFiLlama. More data shows that the platform held $109.56 million of MKR, its native token, and different stablecoins worth $49.58 million. 

DAI Yield Rising, New Burning Structure Implemented Fueling Bulls

MakerDAO, a decentralized autonomous organization (DAO), manages DAI, an algorithmic stablecoin that passes yield to the holder. Holders of MKR, the native token of Maker, can also vote on proposals.

Following the brief USDC depegging in March 2023, the DAO reduced its reliance on the USDC, a centralized fiat-backed stablecoin. In early August, the community also voted to temporarily increase the DAI Savings Rate (DSR) from 3.19% to 8%, incentivizing users to mint DAI via the Spark Protocol. 

Besides changes to the DSR, MakerDAO also introduced an improved smart burn mechanism where collateralized debt positions (CDPs) to back circulating DAI can be closed freely without causing stablecoin shortages in the market. In this new arrangement, circulating MKR would be bought and burned independent of CDP closure, allowing the protocol to be more flexible in light of market changes.

However, with this, every burning reduced circulating supply, which has supported prices as price action revealed.

Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities.

Notably, the number of addresses holding significant amounts of Ethereum has declined, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum’s value.

Whale Watch: A Steep Decline In Ethereum Holdings

On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum’s holding patterns that might have deeper implications for the digital asset’s value and the market.

According to Glassnode, a leading on-chain analytic platform, the number of addresses holding 1,000 Ethereum (ETH) coins or more has plummeted to a 5-year low.

Precisely, these addresses, often termed ‘whale addresses’ in the crypto world, have decreased to 6,082. Such a sharp decline can be attributed to the liquidation activities of some of Ethereum’s long-term holders.

It is worth noting that this contraction in whale holdings could potentially increase the susceptibility of Ethereum to market bears, potentially initiating a downward price trajectory.

The impact of such sales on the market is apparent. When large quantities of a cryptocurrency, such as Ethereum, are offloaded, it often leads to a considerable influx of selling pressure. This can cause panic among smaller investors, prompting further sales and possibly leading to a price drop.

Additional Pressures From Dormant Wallets

Interestingly, another layer adds to Ethereum’s selling pressure alongside the decrease in large-scale holdings. According to data from Lookonchain, a renowned on-chain data analysis firm, a dormant Ethereum wallet, untouched for around four years, has suddenly sprung into action.

The wallet in question liquidated its entire ETH holding, quickly pushing roughly $4.81 million worth of the altcoin into the market.

A wallet that had been dormant for 4 years sold all 2,591 $ETH for $4.18M stablecoins 6 hours ago.https://t.co/et78rXHG5u pic.twitter.com/pJanMLxwA3

— Lookonchain (@lookonchain) September 20, 2023

Such unexpected sales from long-inactive wallets could raise alarms in the market. While the exact reasons behind such liquidations often remain concealed, they invariably amplify the selling pressures on the affected cryptocurrency, which, in this case, is Ethereum.

Meanwhile, Ethereum’s price has seen a slight bullish trajectory over the past week, up 1.4%. The asset has moved from a low of $1,596 seen last Wednesday to trade above $1,650 on Monday before retracing to $1,626, at the time of writing down by 1.8% in the past 24 hours.

Featured image from Unpslah, Chart from TradingView

Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts.

Verified Contracts On Shibarium Record 530% Spike

On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday.

While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday’s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday’s figures.

This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed transactions on the network almost at 2.7 million.

However, it is not all ‘up-only’ for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023.

Will This Trigger A Shiba Inu Spike?

Shiba Inu plays a significant role in the Shibarium ecosystem as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts.

Usually, for networks that facilitate decentralized finance (DeFi) protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network.

However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its Total Value Locked (TVL) has also fallen from its all-time high of $1.47 million to $600,000 at the time of writing, suggesting dwindling interest in the network.

The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin’s price, it could also serve as a lift-off point for the digital asset if the crypto market were to begin another bull rally.

Huobi Global, a prominent cryptocurrency exchange, is at risk as investments in the staked USDT (stUSDT) project soar to $1.8 billion. The project, spearheaded by crypto entrepreneur Justin Sun, promises 5% returns tied to low-risk securities like government bonds. 

However, according to a Bloomberg report, Huobi’s heavy involvement in the project raises concerns about the exchange’s ability to manage sudden outflows of funds and the transparency of its reserves. 

Huobi’s Association With stUSDT Sparks Concerns And Triggers Institutional Withdrawals

Per the report, Huobi’s close association with the stUSDT project has led to a significant transformation in the exchange’s crypto reserves. 

Altering by this shift and the lack of transparency surrounding stUSDT, institutional traders have withdrawn a substantial portion of their crypto holdings from Huobi. 

This withdrawal trend highlights the potential risks of Huobi’s concentration on the stUSDT platform. Notably, blockchain research firms have expressed concerns about the relative lack of transparency surrounding the stUSDT project.

The absence of comprehensive information about its investments raises questions about the source and sustainability of the advertised 4.2% yield. Huobi’s reliance on the project exposes the exchange to problems that may arise within stUSDT, further magnifying its potential vulnerabilities.

As investments in stUSDT have grown, Huobi’s Tether (USDT) reserves have plummeted, raising further concerns. While Huobi maintains that stUSDT is a separate project not overseen by the exchange, the heavy concentration of stUSDT in its reserves implies that Huobi’s fortunes are closely linked to the success or failure of the project. 

The dominance of tokens associated with Justin Sun, such as TRON (TRX) and Huobi Token (HT), in Huobi’s reserves adds another risk layer, as market participants could perceive it as a higher exchange risk.

Huobi Global’s Average Daily Trading Volume Plummets

Institutional clients, including crypto funds and market makers, have expressed concerns about the dominance of stUSDT and other tokens associated with Justin Sun in Huobi’s reserves. 

According to Bloomberg, these clients have withdrawn a significant portion of their digital assets from the exchange shortly after the launch of the staked Tether project. This departure from Huobi has contributed to a decline in the exchange’s average daily trading volume.

The stUSDT project’s rapid growth and lack of transparency raise questions about its underlying investments and the sustainability of its returns. Investors and industry experts emphasize the importance of increased transparency and oversight to understand the sources of yield and mitigate potential risks.

Per the report, the project’s management team intends to engage a reputable third-party verification entity to enhance community oversight. However, further details about the project’s structure and employees remain scarce.

What is certain is that Huobi Global’s involvement in the stUSDT project has significantly impacted the composition of its reserves, raising concerns among institutional traders and industry experts. 

The heavy concentration of stUSDT, TRX, and HT tokens in Huobi’s reserves and the lack of transparency surrounding the project pose potential risks to the exchange’s financial stability. 

To alleviate these concerns, greater transparency and oversight are essential, ensuring the sustainability and credibility of the stUSDT project and Huobi’s operations in the evolving crypto landscape.

Featured image from iStock, chart from TradingView.com 

Ethereum’s price may have been dealt a massive blow as a research report on the Ethereum valuation has revealed that the cryptocurrency giant has been trading below its fair price.

Ethereum Trading Value Slips

A new on-chain research report has delved deep into the fair value of the Ethereum cryptocurrency since its inception, segregating the cryptocurrency’s value into sections and utilizing its trading activities and active addresses to evaluate the network’s worth over the past years. 

Lewis Harland, an RxR analyst, revealed in the research report that Ethereum has been trading below fair value by a 27% discount. The analyst arrived at this conclusion after employing the Metcalfe law-centric valuation model which involves comparing active user base on Ethereum’s robust scaling networks and active user adoption to measure the network’s fair value. 

Harland explained that Ethereum’s network valuation can be measured and tracked slightly more accurately when the active user base of the blockchain’s scaling networks is integrated into the model. He stated that if the model excludes active user bases, then Ether’s (ETH) valuation would be trading significantly below its fair value of $275 billion.

“Ethereum’s network valuation tracks the updated ML index better when the active user base of Ethereum’s scaling networks is factored into the model than when omitted,” Harland, stated in the research report.

He added that “the updated model, which does factor in these networks, puts ETH’s valuation at $275 billion (current MCAP trading at a 27% discount), assuming no further user growth in perpetuity.”

Going by Harland’s research, Ethereum should be trading at around $2,300 with a market cap of $275 billion. However, Ethereum’s price is currently sitting at $1,637 with a market capitalization of $197.62 billion. 

Ethereum’s Worth Revealed Through Value Layers

While exploring the decline in Ethereum’s trading value, RxR disclosed its analysis of Ethereum’s supposed value using value layers. The research firm explained that Ethereum’s commodity value layer can be analyzed through the amount of ETH millions of users utilize to facilitate their crypto transactions daily.

It further stated that the annual run rate of the transaction fees is well over $1.6 billion presently. It also described Ethereum’s equity value, stating that “the value of ETH is the present-day value of the sum of all of its future cash flows. To date, over 3.5m ETH ($5.8B) has been burned by EIP-1559.”

Lastly, the research firm represented Ethereum’s network value layer, and the analysis utilized Metcalfe’s law approach to conclude the recent data that revealed that the Ethereum blockchain network was trading below fair value. 

Ethereum’s price has been dealing with a series of strong declines that may push the growth of the ecosystem back a few years. The tenacity of the cryptocurrency’s native token Ether (ETH) was tested when it fell to a critical support level of $1,530 earlier in September. However, the cryptocurrency later made a slight recovery which pushed it back to a more stable position.

Here’s what the Bitcoin network fundamentals have to say regarding whether the cryptocurrency could see a bull run soon or not.

Monthly Average Bitcoin New Addresses Have Shot Up Recently

In a new post on X, analyst Ali discussed the possibility of a bull run starting soon for the cryptocurrency. According to the analyst, “a bull run is often characterized by increased on-chain activity.”

To measure the activity, Ali has used the “new addresses” metric, which keeps track of the total number of new addresses coming online on the Bitcoin blockchain every day.

When the value of this metric is high, it means that many users have joined the network during the past day. This could suggest that the cryptocurrency is observing high adoption right now.

On the other hand, low values imply not many newcomers are currently attracted to the blockchain, potentially a sign of a lack of interest in the market around the coin.

Now, here is a chart that shows the trend in the Bitcoin new addresses, as well as the 30-day and 365-day simple moving averages (SMAs) of the indicator over the past few years:

The increased activity, which may be associated with a bull run, can be “spotted when the monthly average of new wallets (red) surpasses the yearly average (blue), which indicates strengthened network fundamentals and increased use,” as explained by the analyst.

The graph shows that the 30-day SMA of the Bitcoin new addresses had been under the 365-day SMA during the bear market, but with the rally this year, the former had managed to break above the latter.

The reverse cross had happened during the slowdown in May-June, but as the subsequent rebound in the price had occurred, the monthly average new addresses had broken back above the yearly average, and it has since stayed there.

Recently, despite the struggle in the price, the 30-day SMA of the metric has only continued to rise sharply. This could naturally be a constructive sign for the asset, and going by historical precedence, it may even mean a return toward bullish momentum.

The lead on-chain analyst at Glassnode, @_Checkmatey_, however, has replied to Ali’s post, saying, “with the advent of ordinals, it is always a great idea to pair ‘addresses,’ and ‘transactions’ metrics with ‘volume’ metrics.”

“Ordinals” here refer to inscribing data directly into the Bitcoin blockchain. They are utilized in various applications, including making non-fungible tokens (NFTs) on the network.

Such chain applications can skew the address-related metrics, as new ones may be created solely for using the blockchain in this way and not for actually trading the coin itself.

The Glassnode lead explains that they assign a slightly higher weight towards the volume metrics because the Ordinals-related transactions don’t involve much volume.

Unlike the new addresses metric, the bullish pattern isn’t yet forming for the exchange volume (which includes both inflows and outflows). This would suggest that the activity on the network may not be at a bull run stage right now.

BTC Price

At the time of writing, Bitcoin is trading at around $27,000, up 3% over the past week.

In a highly anticipated announcement for the overall cryptocurrency market and Bitcoin (BTC), the Federal Reserve (Fed) opted to maintain interest rates at their current level, ranging between 5.25% and 5.5%. 

The decision aligns with market expectations and signals a continuation of the Fed’s existing policy stance. While the interest rate decision had no immediate impact on Bitcoin’s price, cryptocurrency analysts anticipate a potential shift in market dynamics.

Analysts Predict Bitcoin Reversal Following Fed’s Decision

Bitcoin, the leading cryptocurrency in terms of market capitalization, has experienced a period of consolidation around the crucial $27,000 support level for the past two days. 

Despite the absence of significant price fluctuations immediately following the recent interest rate decision, market experts believe this stability could potentially signify the beginning of a trend reversal.

Renowned cryptocurrency analyst Michael Van De Poppe shared his perspective on X (formerly Twitter), suggesting that the era of interest rate hikes may have reached its conclusion. 

Van De Poppe went on to indicate that Bitcoin is likely to embark on an upward trajectory from this juncture, noting the importance of exercising caution when interpreting price movements following major news events.

Van De Poppe’s remarks mirror the sentiment among BTC enthusiasts who anticipate the Federal Reserve’s decision to act as a catalyst for the cryptocurrency’s resurgence. 

The prevailing hope is that this decision could mark the end of the current market downtrend, paving the way for Bitcoin to reach new yearly highs before the conclusion of 2023.

BTC’s Historical Patterns Suggest Potential Bottom Formation

Crypto Con, a renowned crypto analyst provided insights into Bitcoin’s price movements, focusing on its historical patterns and the MVRV (Market Value to Realized Value) deviation bands. 

Crypto Con’s analysis highlights the significance of BTC’s recent visit just below the green band, as seen in the chart above, drawing parallels to previous market cycles.

Drawing on historical data, Crypto Con notes that Bitcoin spent approximately 10 months hovering around the bottom purple and blue deviation bands before making its second visit just below the green band. 

In 2016, this particular pattern marked a local bottom, and in 2019, it would have done the same if not for unforeseen circumstances such as the black swan event.

Comparing the duration spent at the bottom during the current cycle to that of 2015, Crypto Con highlights a striking similarity. This observation raises the question of whether the significant downside experienced in 2019 was a consequence of the massive price surge that preceded it, with Bitcoin even reaching the cycle top band.

The current value of the red band stands at $54,000, according to Crypto Con’s analysis. However, he assures that this value is subject to change as the market progresses toward “the endgame”. 

At present, Bitcoin is trading at $27,100, indicating no change in the 24-hour timeframe. As a result, the impact of the Federal Reserve’s decision on the cryptocurrency and the broader market in the short term remains uncertain.

Whether this news will have a positive effect shortly or prove beneficial for the remainder of the year is yet to be determined.

Featured image from iStock, chart from TradingView.com 

Chainlink (LINK) has caught the attention of crypto analyst Rekt Capital, who has offered an optimistic outlook for LINK. In a new price prediction, he suggested that the decentralized oracle network is on the verge of a significant recovery.

Rekt Capital, a prominent figure in the crypto community, took to the social media platform X to share insights on Chainlink’s recent performance. According to the analyst, LINK has shown resilience by respecting its range-high resistance, a crucial milestone following its notable surge in price back in July. This achievement has ignited hopes of a sustained upward trajectory.

Despite its promising trajectory, LINK has experienced some fluctuations in recent weeks. The cryptocurrency dropped to a recent low of $5.76, a level that Rekt Capital points out as being close to the asset’s range-low support. 

However, Chainlink seems to be regaining its footing, with its current price sitting at $6.81 according to CoinGecko, marking a 1.2% increase in the last 24 hours and an impressive seven-day rally of 15.5%. These positive indicators have fueled anticipation within the crypto community.

$LINK has rejected from its Range High resistance

Price is down -13% since then

But if #LINK were to drop into the Range Low support…

Price would need to drop an additional -20% to the downside#Crypto #Chainlink pic.twitter.com/GS3C2IYeiw

— Rekt Capital (@rektcapital) August 4, 2023

A Bullish Prediction For Chainlink

Rekt Capital’s analysis doesn’t stop at the current price trends. The crypto analyst predicts that Chainlink “should be able to revisit the range-high resistance,” which is situated at around $8.186. If this prediction holds true, it would represent an additional 20.5% increase from the current price, promising further gains for LINK holders.

This price surge coincides with a notable uptick in Chainlink’s Relative Strength Index (RSI), which, as of the latest analysis, stands above 60. An RSI above 60 indicates a robust bullish trend in the market. 

Moreover, Chainlink’s price has climbed above the short-term Moving Average, previously acting as a resistance level. It is also approaching a position where it may surpass the long-term Moving Average, signaling potential for sustained upward movement.

Mysterious Wallet Activity

Intriguingly, recent wallet activity has garnered significant attention in the Chainlink ecosystem. Data from Lookonchain reveals that over 35 new LINK addresses were established just three days ago. These newly created addresses have started withdrawing LINK tokens from Binance (BNB), with a cumulative withdrawal exceeding 755,000 LINK tokens, valued at over $5 million.

We noticed that ~35 fresh wallets created 3 days ago started withdrawing $LINK from #Binance today.

And have withdrawn a total of 755,687 $LINK ($5.08M) so far.

Are there whales accumulating $LINK? pic.twitter.com/IYte19TmTE

— Lookonchain (@lookonchain) September 19, 2023

The motive behind these substantial withdrawals remains undisclosed as of now, leaving room for speculation within the crypto community. Some analysts suggest that this activity might indicate a significant accumulation move by a whale investor, potentially adding another layer of intrigue to Chainlink’s evolving narrative.

As Chainlink continues to make strides in the crypto space, investors and enthusiasts will undoubtedly be closely monitoring its progress, hoping that Rekt Capital’s bullish predictions come to fruition. In the ever-volatile world of cryptocurrencies, the only certainty is that surprises are never far behind.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Vecteezy

On the back of its partial victory against the US Securities and Exchange Commission (SEC), Grayscale has applied to the Commission for another Ethereum Futures Exchange-Traded Fund (ETF).

Why Another ETH Futures ETF?

According to a report by the Wall Street Journal (WSJ), Grayscale Investments filed this application on September 20. This development may come as a surprise to many, considering that the asset manager had filed an earlier application to offer this same investment vehicle. As such, this will represent its third application (Grayscale withdrew its first application due to SEC concerns before filing another one in July).

There is, however, a distinction between both applications, as WSJ noted. The latest application is filed under the Securities Act of 1933, a regulation under which spot Bitcoin ETFs like BlackRock’s filed. Meanwhile, the initial application was filed under the Investment Company Act of 1940, a regulation which securities-based ETFs are registered under. 

While the exact reason for Grayscale’s action remains unknown, it may be a contingency plan in case the SEC denies its initial proposed Ethereum futures ETF, which is expected to launch in October, barring any denial.

Grayscale’s filing under the Securities Act of 1933 isn’t the first, as Brazilian investment firm Hashdex filed its Ethereum ETF application under that Act. Last week, Hashdex applied with the SEC to offer a fund that will hold both Ether futures contracts and a Spot Ethereum ETF (the first of its kind).

The firm justified this move by stating that a combination of both markets will help mitigate the risk of market manipulation.

Hashdex’s application has been singled out for how distinct it is from other applications. The investment firm has proposed to use the Chicago Mercantile Exchange (CME) to track the price of Ethereum and also plans to buy the Ether, which the fund will hold from the CME Market’s Exchange for Physical (EFP) transactions. 

Ethereum Futures ETF Imminent?

Several Ethereum futures ETFs are expected to hit the market in October, barring a denial by the SEC. Rule 485(a) of the SEC Rules allows these ETFs to launch 75 days from their respective filing dates if the SEC doesn’t deny them before then. 

In line with this, the ETFs of fund managers like Volatility Shares, Bitwise, VanEck, ProShares, and Roundhill will be the first to launch if they receive approval from the SEC.

Volatility Shares was the first among them to apply to offer Ethereum futures ETF. As such, it will gain the first-mover advantage, carrying a possible October 12 launch date, with others coming after. However, this is subject to any decision by the SEC.

The SEC approving an Ethereum ETF will be a historical event that is expected to give the crypto market a much-needed boost as the bear market continues to linger. There are already forecasts that ETH’s price could rise above $2,000 when these funds launch. 

TON has gained 1% today, September 20. It trades at $2.47 with a 30% seven-day price increase. Also, TON’s price gains confirm the entrance of buyers and an accumulation phase, which will likely continue to push the rally.

TON’s price gains in the past week are likely a result of its integration with Telegram. This integration exposes TON to approximately 800 million users on Telegram, leading to a spike in its price. 

TON Faces Resistance At $2.58; Will The Buyers Trigger A Breakout?

TON is on an uptrend today, building on its gains from September 19 to rally to the $2.58 resistance level. After briefly slipping off the $2.5 price on September 16, TON found support at $2.3, preventing a decline. And as the bull returned, the asset pushed closer to the $2.58 resistance level.

As buyers vie to surmount barriers to further uptick, TON trades near the upper band of the Donchian Channel (DC), expressing a strong bullish sentiment.

Additionally, the Relative Strength Index (RSI) is firmly in the overbought zone, displaying a value of 76.6. The RSI’s value implies that the buyers are not yet done with the accumulation phase and will likely rally above the closest resistance level. 

Moreover, the Moving Average Convergence Divergence (MACD) still displays a strong buy signal. The MACD is above its signal line, and its green Histogram bars confirm an ongoing massive accumulation. 

Based on past price action, TON will likely repeat its September 12-16 uptrend to record more gains. However, it is already in the overbought region, and a retracement for consolidation will likely occur in a few days. 

Nevertheless, the exciting developments in the Toncoin ecosystem will likely result in a bull run in the last quarter of 2023. 

TON Records Massive Price Surge Following Telegram Update

Exciting ecosystem developments could be responsible for Toncoin’s performance over the past few days. According to a recent tweet, social media giant Telegram extended its support to Toncoin and introduced a new wallet called TON Space. 

According to sources, the unveiling happened last week at the Token 2049 conference in Singapore. Also, the CEO of Telegram, Pavel Durov, shared this exciting news on his official Telegram account, confirming that TON is the preferred blockchain network for their crypto integration. 

Durov said: “Starting this November, TON Wallet will be included in the settings and attachment menus for all our users outside the US and some other countries.” This integration helps them expand Telegram’s Web3 infrastructure.

Interestingly, users who installed the latest version of Telegram can access the wallet option from the app menu. Toncoin developers say the upgrade aims to integrate the token within Telegram Mini-Apps.

In addition, Toncoin projects could utilize these mini-apps to increase their reach and adoption. Moreover, TON-based users get priority access to Telegram Ads,  exposing the projects to over 37,000 communities and millions of Telegram users. 

Consequently, the TON wallet will operate The Open Network (TON) blockchain. Also, the wallet will be available to over 800 million Telegram worldwide users.

This development bodes well for Toncoin, which has been bullish since September 4, 2023, following the announcement. By riding on these bullish waves, the cryptocurrency will likely attain $3 in the coming weeks.