Telegram Reaches 10 Million Paid Subscribers, But Is Toncoin Future Tied to Its Growth?

Last updated Sep 7, 2024 2

Telegram CEO Pavel Durov announced a major milestone of 10 million paid subscribers, sparking questions about the potential impact on Toncoin. Despite legal challenges, Telegram continues to innovate, introducing features that could further integrate with crypto, but Toncoin fate remains uncertain amid market fluctuations.

Telegram Hits 10 Million Paid Subscribers Amid New Feature Rollouts

Telegram, led by CEO Pavel Durov, has hit a significant new milestone: 10 million paid subscribers to its Premium service. This announcement comes amidst recent legal challenges for Durov, yet it highlights the platform’s steady growth. The question remains: how will this achievement affect Toncoin (TON), the cryptocurrency closely tied to Telegram?

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With Telegram Premium now boasting millions of active subscribers, many in the crypto world are speculating about the future of Toncoin, especially as Telegram remains a vital platform for Toncoin’s community and ecosystem. The milestones and growth could fuel Toncoin’s adoption, potentially sparking bullish momentum.

Telegram Premium Introduces New Features

Alongside this subscriber growth, Telegram introduced new features aimed at improving user experience. One notable change is the removal of the People Nearby feature, which was susceptible to abuse by bots and scammers. In its place, Businesses Nearby will be rolled out, allowing verified businesses to showcase their services, a move similar to WhatsApp’s Business version. This feature also opens the door for more seamless payments within Telegram.

Such innovations are vital for improving Telegram’s compliance efforts, especially as Durov faces scrutiny following his arrest in France. He remains restricted to the country pending resolution of the charges, including claims related to the spread of illicit content on Telegram.

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Legal Battles and Their Impact on Toncoin

Durov’s legal woes have cast a shadow over Toncoin’s market outlook. While his $5.56 million bail secured his release, the continuing scrutiny has affected Telegram’s reputation. However, Durov maintains that the French authorities’ charges are “misguided”, asserting that they could have addressed their concerns directly with his company.

As for Toncoin, the currency saw its price dip when Durov’s arrest made headlines, dropping to around $4.68. Following his bail, the coin recovered slightly, trading at $5.59, but it has struggled to maintain momentum. Despite its recent volatility, Toncoin remains linked to The Open Network (TON), a blockchain that supports several gaming and tap-to-earn projects within Telegram’s ecosystem.

Toncoin’s Market Outlook: What’s Next?

The synergy between Telegram and Toncoin presents opportunities, especially with Telegram’s growing user base. More users on Telegram could increase demand for TON, as the coin is deeply integrated into The Open Network. However, the coin is facing challenges in keeping its place among the top ten cryptocurrencies as it wrestles with market fluctuations. Over 42 million addresses are currently in loss, according to IntoTheBlock data, highlighting the uphill battle TON faces.

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Despite these challenges, continued innovation within Telegram and its ecosystem could help Toncoin regain its footing. With the expansion of tap-to-earn projects and more business integration, TON may have the potential for a future rebound.

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