Toncoin price reaches all-time high

The price of the Toncoin cryptocurrency has reached a new all-time high amid continued growth.

On April 8, the Toncoin (TON) price set a historical high, crossing the $5.90 mark. According to CoinMarketCap, the asset grew by 8.3% in a day and by 103% in a month. At the time of writing, the cryptocurrency is trading at $5.88, having risen by 9.6% over the past 24 hours.

TON’s capitalization also set a record high, and at the time of writing was $20.3 billion.

Last week, TON returned to the top 10 by market capitalization, almost doubling its price in a month.

Toncoin’s achievement of all-time highs occurred against the backdrop of several events. Last month, the founder of the Telegram messenger, Pavel Durov, announced a new financial reward system for owners of Telegram channels.

Also in March, Pavel Durov reported that Telegram had received a preliminary valuation of $30 billion or more ahead of a potential IPO, and cryptocurrency exchange Binance announced the launch of a perpetual futures contract for Toncoin.

Durov and his brother Nikolai launched the Telegram Open Network (TON) blockchain in 2018. After two years, the pair abandoned the project due to litigation with the U.S. SEC. The SEC sued Telegram in 2019 for raising $1.7 billion through an ICO using the Gram token, which the regulator called an unregistered security.

Durov made a deal with the SEC, returned investor funds, and paid a fine of $18.5 million. The TON network has continued to develop with the support of the TON Foundation community members.