TL;DR
- The native token of the TON network, known as Toncoin (TON), has experienced a significant increase of 65.3% in just two days.
- The surge comes after Pavel Durov revealed plans to take Telegram public through an IPO.
- Telegram’s public endorsement of the Ton network as its preferred blockchain for Web3 infrastructure last year has significantly contributed to the increased interest and price of Toncoin.
The native token of the TON network, known as Toncoin (TON), has experienced a notable 65.3% increase in just two days. This surge in value came after Pavel Durov, the founder of the popular messaging app Telegram, revealed plans to take Telegram public through an initial public offering (IPO). This announcement has generated considerable interest within the crypto community and propelled TON’s price to new heights.
While the Ton network and Telegram are separate entities, their histories are intertwined. Initially, the network emerged as a spinoff from Telegram in 2018. However, development halted in 2020 due to legal issues with the United States Securities and Exchange Commission (SEC). This setback led several community members to take over the project a year later and continue its development independently.
What makes this increase in TON’s price even more significant is the public endorsement it received from Telegram last year. In September, Telegram officially endorsed the Ton network as its preferred blockchain for Web3 infrastructure. This endorsement provided the network with an additional boost in terms of legitimacy and community trust.
The Explosive TON Rally Boosts the Crypto Market
In a recent interview with the Financial Times, Pavel Durov expressed interest in taking Telegram public through an IPO as a means to democratize access to the company’s value. With 900 million users and steady growth, Telegram is on track to become a profitable company in the near future. This announcement has not only generated excitement among investors but has also contributed to the increase in Toncoin’s price.
In just two days, Toncoin has surged from $2.72 to $4.45, with a market capitalization increasing from $9.5 billion to $15.5 billion. This rise in token value has also contributed to the overall growth of the cryptocurrency market, which is being led by the surge in Bitcoin’s price, reaching a historic high of $73,707.
