Telegram CEO Pavel Durov took to the social media site X on October 15th to unveil the new Telegram phone verification application. With just $0.01 per code supplied globally, Telegram has introduced the most cost-effective method for businesses to authenticate consumer phone numbers.
With payments made in TON, the crypto-friendly messaging application wants to introduce a more affordable, quicker, and safer than conventional SMS verification.
However, these efforts have still not been able to revive TON coin’s price. At press time, the coin has been trading at $5.24, down 0.79% as compared to the same time last day.
To save others from having to verify their nearly billion users, Telegram has been paying exorbitant fees. Since the new verification feature’s pricing is so cheap, Telegram’s profit margin from the development will be very low. However, the firm hopes that this will increase global efficiency and lower the cost of numerous services.
Moreover, the Telegram Verification Platform guarantees immediate message delivery, in contrast to SMS, which may take several minutes to process and has a 5% failure probability.
Telegram’s Legal Troubles Overshadow Gains
Telegram has been time and again trying to polish its image regarding safety and verification. All these efforts stay in tandem with the firm resolving its CEO Pavel Durov’s legal issues in France. This issue stems from the platform’s handling of illicit activities.
Since Durov was indicted by French authorities on multiple counts in late August, Telegram has increased its efforts to put an end to illicit activities on the communication platform.
In the same attempt, Telegram had just announced a new office launch in Kazakhstan. However, the news still failed to keep TON prices aflot.
TON Price: Will It Revive?
TON prices have been range-bound for the past month. It has traded in the red territory for most of the trading days.
However, given Telegram’s continuous efforts to revive its market value, it is likely that TON might see a surge in the coming days. If the optimism in the does take place, the price of Toncoin is expected to increase to reach $17.36 in the coming month.
TON’s overall market parameters reveal that the mood for the coin is currently bearish, and the Fear & Greed Index is 65 (Greed). Over the previous 30 days, Toncoin had 15 out of 30 (or 50%) green days and 4.34% price volatility.
Data also indicates that there is an overall bearish feeling for Toncoin price prediction, with 6 technical analysis indicators indicating bullish signs and 22 indicating bearish signals.