Toncoin’s 61% Surge Amid Telegram’s IPO Consideration

Toncoin's value skyrockets by 61% as Telegram contemplates IPO move

Toncoin (TONNE), the native token of the TONNE Network, has climbed by more than 60% in two days after Pavel Durov, the inventor of messaging software Telegram, announced plans for an initial public offering.

The Tonne Network was initially a Telegram offshoot, with development beginning in 2018. Following legal action from the SEC, Telegram halted the development of the Tonne Network in 2020; one year later, numerous community members formed a partnership to handle the project.

Telegram selected the TONNE network as their preferred blockchain for Web3 infrastructure in September, although the two companies are now entirely different.

Durov said he "sees value" in an IPO as a way to "democratize access" to Telegram's assets in an interview with the Financial Times. He also disclosed that Telegram is nearly profitable and has 900 million users.

TON's latest climb has seen it rise from US$2.72 to US$4.38, while its market capitalization has increased from US$9.5 billion to US$15.5 billion, according to CoinGecko. The CoinDesk 20 Index {{CD20}} has climbed by 7.8% in the same time, driven by a market-wide surge led by bitcoin, which reached a record high of US$73,707.

TONNE is presently within striking distance of its all-time high of US$4.50, reached in November 2021.

The market capitalization of Toncoin jumped from US$9.5 billion to US$15.5 billion, reflecting the market's optimistic outlook on the token's future. As Toncoin approaches its all-time high, the cryptocurrency community is closely watching the developments surrounding Telegram's potential IPO. An IPO could further legitimize the use of blockchain technology in mainstream applications and potentially lead to broader adoption of Toncoin.

The surge in Toncoin's value amid Telegram's IPO considerations is a testament to the dynamic nature of the cryptocurrency market. It underscores the impact that traditional tech companies can have when they embrace blockchain technology. As the lines between social media and digital currencies continue to blur, the future of tokens like Toncoin appears promising, with potential for further growth and integration into everyday digital interactions.