Don’t Miss Out: Telegram’s Potential IPO Drives Toncoin’s 61% Surge in Just 48 Hours!
Telegram founder Pavel Durov has revealed his intentions to take his company public via an IPO, a move that has caused a surge in the price of the Ton Network’s native token, toncoin (TON).
The announcement, which was made in an interview with the Financial Times, revealed that Durov sees potential in an IPO as a way to “democratize access” to Telegram’s value. He also confirmed that Telegram currently has 900 million users and is closer to being profitable.
The Ton Network was initially a spinoff from Telegram, with development beginning in 2018. However, development of the Ton Network halted in 2020 following legal action from the SEC. The network was then taken over by community members in 2021 and has since become Telegram’s blockchain of choice for Web3 infrastructure.
TON’s surge in price has seen it rise from $2.72 to $4.38 in just 48 hours, and its market cap has ballooned from $9.5 billion to $15.5 billion in the same period. This comes as the entire crypto market experiences an uptick in value, with the CoinDesk 20 Index increasing by 7.8% in the same time period.
The Ton Network’s high market cap comes as TON approaches its all-time high of $4.50, a record it set in November of last year.
The surge in price and market cap has been great news for TON holders, and the news of Durov’s plans only seems to have boosted investors’ confidence. With strong fundamentals and a dedicated community behind it, TON is making a strong case for itself as a valuable Web3 infrastructure.
Edited by Aoyon Ashraf.
Telegram founder Pavel Durov recently announced plans for his company to go public through an IPO, causing a surge in the price of the Ton Network’s native token, toncoin (TON). The market cap for TON has increased by $9.5 billion in the past two days, reaching a total of $15.5 billion, and the coin is approaching its record high of $4.50.
The Ton Network, originally a spinoff from Telegram, started development in 2018 but was then put on hold in 2020 following legal action from the SEC. However, community members took over the project in 2021, and Telegram recently endorsed Ton Network as its preferred blockchain for Web3 infrastructure.
In an interview with the Financial Times, Durov stated that he sees value in an IPO as a way to “democratize access” to Telegram’s value for investors. He also revealed that Telegram currently has 900 million users and is on the path to profitability.
This announcement has caused a surge in TON’s price, jumping from $2.72 to $4.38 in just 48 hours. The CoinDesk 20 Index has increased by 7.8% during this period, led by bitcoin’s record high of $73,707.
With TON now at a market cap of $15.5 billion, it is only a matter of time before it reaches its all-time high of $4.50, set in November 2021. The surge in price and market cap is great news for TON holders, and Durov’s plans have only boosted investor confidence in the project.
TON is proving its value as a valuable Web3 infrastructure, supported by both strong fundamentals and a dedicated community. The future looks bright for TON as it continues to make strides in the crypto market.
