Toncoin (TON) has neared its all-time high, surging in a moment to $5.6 before retracting back to $5.24.
On Mar. 26, Toncoin’s native token (TON) jumped to $5.6, nearing an all-time high last seen in November 2021 when the Telegram linked token was trading at $5.8.
With this latest price increase, TON’s market capitalization crossed the $18 billion threshold, positioning it as the eleventh token by market value.
TON price by market value | Source: CoinMarketCap
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The surge in TON’s price follows a set of positive developments surrounding the project dun in large part to its association with Telegram, the cloud messaging platform founded by the Durov brothers and one of the mostly widely used messaging applications in the world.
One significant factor behind the price surge appears to be Telegram’s plan to go public with a valuation of $30 billion. Although the exact timeline is uncertain, this announcement propelled TON’s price from $2.78 to $4.46.
Furthermore, the Binance cryptocurrency exchange announced the introduction of perpetual futures trading for TON, further fueling investor interest in the token. In mid-March, TON unveiled The Open League, a 30 million TON initiative aimed at encouraging TON ecosystem usage by rewarding participants engaging with ecosystem projects.
On a year-to-date (YTD) basis, TON’s price has surged by over 150%, positioning itself as one of the fastest appreciating tokens. This growth surpasses that of Bitcoin, which has experienced a YTD increase of only 68.83%, as per MarketWatch data.
Read more: TON announces collaboration with Fireblocks and DWF Labs
