TON reaches 2-year high amid upcoming Telegram’s IPO

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The Open Community’s blockchain cryptocurrency, Toncoin, reached its highest degree since January 2022, rising 12% in 24 hours.

In line with information from CoinMarketCap, the value of Toncoin (TON) has jumped virtually 12% within the final 24 hours, to $3.12 on the time of writing. Buying and selling volumes skyrocketed by 170% to $154 million over the previous 24 hours, signaling elevated curiosity amongst merchants on this coin.

TON reaches 2-year high amid upcoming Telegram's IPO - 1
Supply: CoinMarketCap

TON has grown by virtually 50% over the previous month amid a number of high-profile bulletins. The primary catalyst for progress was Telegram Messenger’s announcement that it could begin paying channel house owners to promote in cryptocurrency. Later, the Binance cryptocurrency trade announced the launch of buying and selling in perpetual futures for the TON token.

A latest progress driver was Telegram founder Pavel Durov’s interview with the Financial Times concerning the preliminary public providing (IPO).

Durov informed the Monetary Instances that Telegram’s viewers has reached 900 million customers. He additionally famous that the platform is approaching profitability and will conduct an IPO on the inventory trade within the foreseeable future.

Durov, who owns Telegram, mentioned the corporate has acquired a valuation of greater than $30 billion from potential buyers, together with world know-how funds. On the similar time, Durov dominated out the prospect of promoting Telegram and is contemplating the potential of an IPO sooner or later.

“Typically talking, we see worth in [an IPO] as a way to democratize entry to Telegram’s worth.”

Pavel Durov, Telegram founder

The businessman didn’t disclose the timing and web site for the preliminary public providing of shares. Nonetheless, two interlocutors mentioned that Telegram will probably search a U.S. itemizing as soon as the corporate reaches profitability and market circumstances turn into favorable.

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