7 months ago
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The price of the TON cryptocurrency has reached a new all-time high amid continued growth.
On April 8, the Toncoin (TON) coin rate set a historical high, crossing the $5.9 mark. The asset grew by 8.3% in a day and by 103% in a month, according to CoinMarketCap. When 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; at the time of writing, it was $20.39 billion.
Last week, TON returned to the top ten by market capitalization, almost doubling its price in a month. The coin is located behind Cardano (ADA) and displaces Avalanche (AVAX) from last place in the rating.
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.
The Telegram Open Network (TON) blockchain was launched by Pavel Durov and his brother Nikolai in 2018. However, they abandoned the project after two years 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 continued to develop with the support of the TON Foundation community members.
