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

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

According to data from CoinMarketCap, the price of Toncoin (TON) has jumped almost 12% in the last 24 hours, to $3.12 at the time of writing. Trading volumes skyrocketed by 170% to $154 million over the past 24 hours, signaling increased interest among traders in this coin.

TON has grown by almost 50% over the past month amid several high-profile announcements. The first catalyst for growth was Telegram Messenger’s announcement that it would begin paying channel owners to advertise in cryptocurrency. Later, the Binance cryptocurrency exchange announced the launch of trading in perpetual futures for the TON token.

A recent growth driver was Telegram founder Pavel Durov’s interview with the Financial Times about the initial public offering (IPO).

Durov told the Financial Times that Telegram’s audience has reached 900 million users. He also noted that the platform is approaching profitability and could conduct an IPO on the stock exchange in the foreseeable future.

Durov, who owns Telegram, said the company has received a valuation of more than $30 billion from potential investors, including global technology funds. At the same time, Durov ruled out the prospect of selling Telegram and is considering the possibility of an IPO in the future.

“Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value.”

Pavel Durov, Telegram founder

The businessman did not disclose the timing and site for the initial public offering of shares. However, two interlocutors said that Telegram will likely seek a U.S. listing once the company reaches profitability and market conditions become favorable.