NOIDA (CoinChapter.com)— The Open Network’s Toncoin (TON) saw a significant surge in its market value and capitalization recently, as the Toncoin price reaches a new ATH on April 9. Pavel Durov, Telegram co-founder, planning a potential IPO for the messaging app likely helped fuel the rally.
The rally helped TON price rise more than 155% over the past 30 days to reach a daily high near $7.11 on April 9. Moreover, Toncoin’s bullrun helped the project flip Cardano to become the 9th largest crypto token by market cap.
Durov said in a Financial Times interview that the Dubai-based messaging platform had grown to become one of the world’s most popular social media apps. The Russia-based founder, who is famous for being media shy, said that investors have valued the firm at more than $30 billion.
However, Durov stated that there are no plans to sell the platform while confirming that Telegram might explore a future IPO.
Ecosystem Expansion and Adoption
Another key driver pushing TON prices higher was the Notcoin game’s seamless integration into the network. Notcoin is a play-to-earn game available as a mini-app within Telegram, where users “mine” a cryptocurrency named Notcoin by clicking on an animated coin.
Initially, the token did not have real-world value as it existed solely within the game. This game has swiftly accumulated over 30 million players, creating a robust engagement platform.
The game’s upcoming NOT token airdrop would help bridge the token’s popularity among investors. Transitioning in-game currency to the Toncoin blockchain and introducing NFT vouchers would likely deepen user interaction.
The program is set to distribute 30 million Toncoin across different areas, including token mining, user incentives, airdrops, the League developer ecosystem, and liquidity pool boosts.
Complementing the growth, The Open Network Foundation initiated a $115 million incentives program aimed at catalyzing innovation and bolstering adoption across the TON ecosystem.
Growing Market Interest Helps Toncoin Price Reach ATH
Furthermore, the listing of Ton Fish on Bitget is significant as the token represents the first non-foundation social meme coin in the TON ecosystem.
Since its listing, the TON Fish token enjoyed a surge in both volume and price, with its trading volume hitting $3.27 million.
Moreover, 21Shares’ introduction of a staking ETP for Toncoin further helped attract buyers to the market. The listing, coupled with the introduction of new financial products related to Toncoin, is contributing to the recognition and adoption of the TON blockchain and its tokens.
Moreover, Telegram’s strategic utilization of Toncoin for in-app ad purchases and the roll-out of ‘Mini Apps‘ underscore significant strides towards mainstream adoption.
The Mini Apps allow businesses and developers to create and deploy interactive experiences, such as games, tools, or services, directly accessible to Telegram’s user base.
Recent strategic developments, heightened investor interest, and integration efforts helped Toncoin’s price reach its all-time high. The network’s commitment to expanding its ecosystem suggests the blockchain platform could witness further growth and broader adoption in the blockchain realm.
