Toncoin briefly overtook Dogecoin amid 8% rally

TonCoin (Ton), the cryptocurrency created by popular messaging app Telegram, is enjoying another torrid time with the token's price surging 8.4 percent overnight.

At the time of writing, the ton is changing hands at $2.61, a level seen at the end of February 2022, as the latest price action pushed the asset's market value above $10.5 billion and reclaimed the 10th spot in the rankings for short-term costs. Dogecoin (DOGE).

Ton, based on the block chain system Stock confirmation Model, which was introduced by Telegram in 2010. Iko In the year In 2018, the project was abandoned due to violation of warranty regulations.

Subsequently, the Ton Foundation managed the project, allowing users to transfer Telegram users commission-free. Open Network offers additional features like Ton Storage and Ton Proxy that act as a decentralized VPN service.

According to data from CoinGecko, Ton has increased by 24.5% during the week and up to 22% in the last 30 days.

Tons of bullying time

TonSpace, a self-sustaining digital wallet, climbed into the top 10 in September on the back of news that it had launched on Telegram, which allows users to buy, sell and trade directly through the messaging app.

The token's rally last week came after the Toon Foundation announced that it had conducted a live performance test of a “blockchain to achieve the world's highest transaction speed,” claiming that it would have to bypass all Layer-1 blockchains and centralized payment networks. PayPal, Visa and Mastercard.

According to the Ton Foundation, the Ton testnet was launched on 256 verifiers, which achieved a speed of 104,715 transactions per second (TPS) under high load. The data generated by this experiment was verified by Open Network's security partner, Web3 Smart Contract Auditor Certike.

Certike's audit also revealed that the Ton blockchain reached an average of 78,134TPS.

To put it into perspective, established cryptocurrencies like Bitcoin and Ethereum have faced constant challenges related to transaction speed. Bitcoin's transaction volume ranges from 5 to 7 TPS, while Ethereum does slightly better at 15 TPS. Even Solana (SOL), often called the fastest blockchain, is said to have reached 50,000 TPS during testing, but is now averaging 4,000 TPS.

The Dubai International Financial Center (DIFC) last week approved TON for use with Ripple's XRP in its special economic zone, allowing more than 4,000 financial institutions and companies to use these two digital assets for trade and services.

In the most recent development, Telegram founder Pavel Durov announced earlier this week that he plans to give away 10,000 premium subscriptions to random subscribers to his channel. According to Durov, he bought the subscriptions for $200,000 worth of Token.

Edited by Liam Kelly.