Toncoin’s price soars to a record-breaking peak
The price of Toncoin, a cryptocurrency, has reached an unprecedented high as it continues to experience significant growth.
On April 8, Toncoin (TON) achieved a historical milestone by surpassing the $5.90 mark. According to CoinMarketCap, the value of the asset increased by 8.3% in just one day and an impressive 103% in a month. As of now, the cryptocurrency is being traded at $5.88, representing a 9.6% surge within the past 24 hours.
In addition to the price surge, TON’s market capitalization has also reached a record high, currently standing at $20.3 billion.
The achievement of these all-time highs for Toncoin is the result of various events. Last month, Pavel Durov, the founder of the popular messaging app Telegram, introduced a new financial reward system for Telegram channel owners. This announcement generated significant interest in the cryptocurrency.
Furthermore, in March, Durov disclosed that Telegram had received a preliminary valuation of $30 billion or even more, indicating the potential for an initial public offering (IPO). Additionally, cryptocurrency exchange Binance announced the launch of a perpetual futures contract for Toncoin, further boosting its prominence.
Durov, along with his brother Nikolai, initiated the development of the Telegram Open Network (TON) blockchain in 2018. However, due to legal disputes with the U.S. Securities and Exchange Commission (SEC), the project was abandoned after two years. The SEC filed a lawsuit against Telegram in 2019, alleging that the company unlawfully raised $1.7 billion through an initial coin offering (ICO) using the Gram token, which the regulator considered an unregistered security.
Durov reached a settlement with the SEC, returning the investors’ funds and paying a fine of $18.5 million. Despite these setbacks, the TON network has continued to progress with support from the TON Foundation community members.
In another significant development, Toncoin is set to launch the Open League, a program that will provide $115 million to the community. This initiative aims to encourage further involvement and participation in the Toncoin ecosystem.
