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Toncoin Rises 61% in Two Days as Telegram Eyes Potential IPO

While officially separate, Telegram endorsed Ton Network as its blockchain of choice in September.

By Oliver Knight
AccessTimeIconMar 13, 2024 at 12:45 p.m. UTC
Updated Mar 13, 2024 at 7:28 p.m. UTC
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  • TON's market cap has increased by $9.5 billion to $15.5 billion in two days.
  • The rise comes as Telegram founder Pavel Durov revealed intentions to get listed on the stock market via an IPO.
  • TON is approaching its record high at $4.50.

TON Network's native token, toncoin (TON), has risen by more than 60% in two days after Pavel Durov, founder of messaging app Telegram, revealed plans for an initial public offering (IPO).

The Ton Network was initially a spinoff from Telegram, with development starting as early as 2018. Telegram stopped building the Ton Network in 2020 following legal action from the SEC; this led to several community members teaming up to run the project one year later.

While the two companies are now entirely separate, Telegram endorsed the TON network as its blockchain of choice for Web3 infrastructure last September.

In an interview with the Financial Times, Durov said that he "sees value" in an IPO as a way to "democratize access" to Telegram's value. He also confirmed that Telegram has 900 million users and is nearing profitability.

The recent surge in TON has seen it jump from $2.72 to $4.38 as its market cap has grown from $9.5 billion to $15.5 billion, according to CoinGecko. The CoinDesk 20 Index {{CD20}} has increased by 7.8% in the same period in light of a market-wide rally led by bitcoin forming a record high of $73,707.

TON is now in striking distance of its all-time high of $4.50, set in November 2021.

Edited by Aoyon Ashraf.

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Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

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