Toncoin (TON) has experienced a remarkable surge, nearing its all-time high after witnessing a momentary spike to $5.6 before retracing to $5.24.
On March 26, Toncoin’s native token (TON) skyrocketed to $5.6, edging close to its previous all-time high recorded in November 2021 when the Telegram-affiliated token reached $5.8.
Following this surge, TON’s market capitalization surpassed the $18 billion mark, securing its position as the eleventh largest token by market value.
The surge in TON’s price can be attributed to a series of positive developments associated with the project, largely due to its affiliation with Telegram, a widely-used cloud messaging platform founded by the Durov brothers.
A significant catalyst behind the price surge is Telegram’s announcement of plans to go public with a valuation of $30 billion. While the timeline for this move remains uncertain, the news alone propelled TON’s price from $2.78 to $4.46.
Additionally, investor interest in the token was further fueled by Binance’s introduction of perpetual futures trading for TON. Furthermore, in mid-March, TON unveiled The Open League, a 30 million TON initiative designed to incentivize TON ecosystem usage by rewarding participants who engage with ecosystem projects.
Year-to-date, TON’s price has surged by over 150%, establishing itself as one of the fastest appreciating tokens in the market. This growth outpaces that of Bitcoin, which has experienced a year-to-date increase of only 68.83%, according to MarketWatch data.
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