The number of addresses holding Toncoin (TON), the 11th biggest cryptocurrency by market cap, has skyrocketed past 100 million as games on messaging app Telegram surge in popularity.
Data shared this week from crypto analytics firm CryptoQuant shows that the number of unique TON holders now stands at 104 million. At the start of the year, it was slightly over 4 million. A holder is defined as a crypto address—or wallet—with a balance higher than zero.
A big reason for the surge is the mania surrounding Telegram games. Telegram is a popular messaging app that now hosts scores of tap-to-earn games.
Notcoin first led the charge at the start of the year, and spawned an array of follow-up games like Hamster Kombat, Catizen, X Empire, and Yescoin. Even classic mobile game Flappy Bird has been relaunched as a Telegram crypto game.
Telegram users play the games via built-in mini apps, and can earn tokens in the process. Most of the tokens run on The Open Network, the blockchain behind TON, and the tokens can then be exchanged for TON or other tokens on the network.
TON hit the 100 million holders mark just days after the Hamster Kombat airdrop took place on September 26. Hamster Kombat, a tap-to-earn game built around the concept of running a crypto exchange, amassed more than 300 million players and offered its HMSTR token to around 129 million of those players.
Telegram is independent from TON, but the cryptocurrency is popular with the platform’s users—and the platform’s creators too. Telegram is now using TON now to share ad revenue with channel owners, and launched an off-chain currency called Stars that’s connected with TON.
TON was originally developed internally at Telegram, but the company abandoned the project in 2020 amid regulatory scrutiny. Community developers ultimately took the reins and continued the project, which has seen the aforementioned explosive growth this year amid the rise of TON games and tokens, plus Telegram’s own integrations.
However, TON’s close link to Telegram has also negatively impacted the chain at times. The price of TON plunged in August after Telegram CEO Pavel Durov was arrested in France and accused of being uncooperative with law enforcement regarding alleged illegal activity taking place on the messaging platform.
Durov and Telegram have since pledged to work more cooperatively with authorities when appropriate, and have limited the ability to search for illegal content on the app.
Edited by Andrew Hayward
