Up 60% After News Telegram Plans IPO, Toncoin Token Price (TON) Hits New High
After Pavel Durov, founder and CEO of Telegram, announced plans for an IPO in the United States, the price of Toncoin Token (TON) from The Open Network increased by more than 60% in the past 48 hours. News of the IPO and Telegram's new strategy ignited a strong rally in Toncoin's price, taking it to its highest level since December 2021.
According to the announcement in the filing with the SEC on March 11, Telegram launched an IPO strategy and expected to successfully raise $519 million, similar to Reddit's strategy. Pavel Durov, in an interview with the Financial Times, shared that Telegram currently has 900 million monthly users and is expected to reach profitability this year or next.
Toncoin (TON): Cryptocurrency Benefits From Telegram's New Strategy
News of the IPO plan has put Toncoin (TON) on a strong upward trajectory. Over the past month, TON increased nearly 38%, reaching an intraday high of $4.40. Although the current price is lower than the previous ATH, TON still ranks 12th on the market capitalization rankings, with $15.2 billion.