A notable upward trend in the cryptocurrency market lately is experienced in Toncoin (TON), which is connected to Telegram’s TON blockchain. In this article, we will examine the reasons behind TON’s recent rise, the interest of whales, and how Telegram’s IPO plans may affect TON. Here are the rise and interesting transactions in the altcoin project…
Popular altcoin TON is soaring
A recent notable upward trend in the cryptocurrency market is experienced in Toncoin (TON), which is linked to Telegram’s TON blockchain. According to data from on-chain analysis platform Lookonchain, on March 13, a whale purchased 209,237 TONS worth 858 thousand dollars. This investment increased the price of TON from $4.1 to $4.32, a 16% increase in the last 24 hours.
One of the factors behind Toncoin’s rise is Telegram founder Pavel Durov’s announcement of Telegram’s IPO plans in an interview with the Financial Times. Telegram has 900 million active users and generates “hundreds of millions of dollars” in revenue, Durov said. This news directed investors’ attention to TON.
Statement from Durov about Telegram IPO
Durov also added that Telegram’s IPO will be a tool to “democratize access to Telegram’s value.” This also suggests that some of Telegram’s shares may be allocated to loyal users during the IPO. Reddit also carried out a similar practice last month and allocated some of its shares to retail investors before the IPO.
The whale interest in Toncoin is not limited to just one investor. Cryptocurrency market maker company Wintermute has also reportedly started accumulating TONs recently. According to Onchain data, Wintermute moved 275,000 TON tokens worth $1 million to a private wallet on March 13. This shows Wintermute’s belief in TON and confidence in its future potential.
The price has increased
Telegram’s IPO plans and the increasing interest of whales increased the price of TON by 63% in the last week and 70% in the last month. TON is currently trading at $4.36 on CoinGecko and is ranked 13th by market cap. However, it is noteworthy that TON is not listed on major cryptocurrency exchanges such as Binance and Coinbase. This situation is considered as a factor that may prevent the price of TON from rising further.
Nevertheless, with recent developments, TON has become one of the most talked about coins in the cryptocurrency market. Telegram’s IPO and TON’s listing on major exchanges may further increase investor interest in this coin. As a result, Toncoin has been experiencing a huge rise lately, driven by Telegram’s IPO plans and increased interest from whales. Those considering investing in this coin should consider risks such as its price being highly volatile.
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