Telegram recently introduced several new features, including the ability to send gifts, improved moderation tools, and enhanced video chats for iOS and Android users. However, Toncoin (TON) has failed to capitalise on these developments, with the coin’s price continuing to drop despite favourable market conditions. TON has fallen 2.7% in the past 24 hours and over 10% during the last week.
Telegram’s CEO, Pavel Durov, revealed that users could convert some of these limited-edition gifts into TON-based NFTs, adding an extra layer of functionality to the platform. Yet, despite these innovations, TON’s price has struggled to recover from its mid-2024 downturn, following Durov’s arrest.
Though TON traded above $8 earlier this year, it now sits at $5.22. Despite the slow recovery, the community remains hopeful that future developments might turn the tide for the coin.