According to a recent report from leading cryptocurrency exchange Bitget, The Open Network (TON) could be on track to disrupt the crypto market in a big way. Bitget, which has recently made a substantial investment in the TON Foundation, believes that Toncoin might even outpace Bitcoin over the next few years. This bold prediction has captured attention across the industry, as the Toncoin project continues to gain momentum.
The report highlights a potential challenge for TON: its close association with Telegram, the messaging platform from which it was originally launched. As Telegram faces increasing regulatory scrutiny, analysts at Bitget suggest that TON may need to gradually distance itself from the platform to avoid becoming entangled in legal issues. Despite this, the blockchain’s growth is still heavily reliant on Telegram’s user base, which has been pivotal in boosting TON’s ecosystem.
Bitget’s experts also foresee a long-term strategy of “de-Telegramization.” As TON evolves, this shift could help minimize the regulatory risks tied to its parent platform, allowing the blockchain to stand on its own. Such a move would enable TON to build its user base independently, providing a more resilient infrastructure as the project expands.
Toncoin’s Value May Skyrocket Past Bitcoin
In one of the more striking predictions, Bitget’s report suggests that Toncoin could potentially surpass Bitcoin in value during a bullish market phase. Although Bitcoin is the longstanding leader in the cryptocurrency world, Toncoin’s rapid growth and innovative ecosystem might enable it to challenge this dominance. The report also mentions the potential influx of institutional investment, which could drive Toncoin’s price even higher. If major investors take notice of TON’s potential, it could ignite a significant rise in demand for the token.
TON’s Explosive Growth in 2024
The TON ecosystem has witnessed remarkable growth throughout 2024, with significant contributions from the rapid adoption of Telegram’s mini-apps, including Notcoin and Hamster Kombat. These innovative apps have sparked widespread interest, propelling the total value locked (TVL) in TON-related projects to record highs. By July 2024, the TVL had surged to an impressive $776.6 million—a jaw-dropping 5300% increase.
Bitget Backs TON with $30 Million Investment
Bitget’s upbeat outlook for Toncoin is backed by a recent $30 million investment into the TON blockchain, showing their faith in the project’s future. This capital injection strengthens their claim that TON could emerge as a major force in the cryptocurrency space.
As the TON ecosystem continues to expand, one question remains: Could Toncoin really surpass Bitcoin in the coming years?