Why Toncoin Was Zooming Higher on Wednesday
Major financing news from the company it's associated with helped drive the price of Toncoin (CRYPTO: TON) well higher on Wednesday. As of 4 p.m. ET, the coin was up by nearly 14% in price and outperforming a great many other cryptocurrencies. It was also trouncing quite a few stocks, as the S&P 500 (SNPINDEX: ^GSPC) had closed the trading day 0.6% lower.
Although it's now a separate entity, Toncoin was originally developed by the team behind secure-messaging app Telegram. This is why the coin is used as the native currency for Telegram services.
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Source Fool.com
