Telegram unveils gifts, verification feature as TON fails to pump

Despite Telegram’s recent announcement of new features, including the ability for users to send gifts and a new platform for businesses, Toncoin (TON) has not seen a positive price surge. As of now, TON is trading at $5.22, reflecting a 2.7% drop in the last 24 hours and over 10% decline in the past week.

Typically, major announcements from platforms like Telegram can drive price increases in associated cryptocurrencies. However, TON has not reversed its downward trend despite some positive movements in the broader crypto market.

The gift feature allows Telegram users to send gifts that can be displayed on profile pages or turned into TON-based NFTs, which could have potentially boosted interest in the token. Additionally, improvements to the app, such as redesigned video chats for iOS and enhanced reporting capabilities, were aimed at enhancing user experience.

Historically, TON had reached over $8 earlier in 2024 but faced a downturn following news of Telegram CEO Pavel Durov’s arrest. While the price is slowly recovering, the current sentiment around Toncoin remains muted in light of the recent developments.