
In the last 24 hours, the native token of the TON blockchain, Toncoin, surged 4%, topping the crypto market's gains on Thursday.
Bitcoin and Ethereum were trading at par with yesterday's price, at 27,641 and 1,634 respectively, per CoinGecko data.
The value of TON tokens has surged following an investment raise by MEXC Ventures and sustained positive momentum from the last quarter.
MEXC Ventures, the investment arm of MEXC exchange, announced an '8-figure investment into Toncoin,' implying an investment north of $10 million into the TON ecosystem.
This investment will support various TON projects, such as Megaton Finance, TONPlay, Fanzee, and Sonet.
MEXC will also offer marketing services for Toncoin, offering 0% trading fees.
The MEXC group will launch a TON-based collateral lending service in the future, it said in a statement.
Telegram's integration of the TON crypto wallet and its announcement to support the TON blockchain's ecosystem have resulted in a strong surge in Toncoin's market share since mid-September.
In six months, the blockchain had a record amount of transactions, with more than 200,000 transactions, reaching more than 200,000 transfers on September 17.
The surge came after the Telegram integration, with over 2,400 new addresses joining the network on that day, according to data pulled from TonStat.
In the past two years, 3.5 million accounts have been created on the TON blockchain.
The TON token had a gain of 58.8% at the end of last quarter, while Bitcoin and Ethereum had negative gains in the same period, according to CoinGecko data.
On July 30, the TON Believers Fund or The Locker program was started, allowing TON tokens to be locked for two years, with another three-year vesting period.
The TON community fund is raising money from TON investors until October 23. Large investors can make donations to the fund, which will be distributed as rewards to other users who locked their tokens along with other community incentives.
So far, the contract has raised 687.8 million TONs worth $1.47 billion, or 19.9 percent of TON's circulating supply.