The value of Toncoin cryptocurrency has reached an unprecedented peak as it continues to surge. On April 8, the price of Toncoin (TON) surpassed $5.90, marking a new record. According to CoinMarketCap, the asset saw an 8.3% increase in just one day and a remarkable 103% growth over the course of a month. As of the latest update, the cryptocurrency is being traded at $5.88, showing a 9.6% rise within the last 24 hours.
The market capitalization of TON has also hit an all-time high, currently standing at $20.3 billion. Last week, TON made its way back to the top 10 by market cap, nearly doubling its value in a month.
The achievement of these record highs for Toncoin comes amidst a series of significant events. In the previous month, Pavel Durov, the founder of Telegram, introduced a new monetary reward system for Telegram channel owners. Additionally, Durov disclosed that Telegram had received a preliminary valuation of over $30 billion in anticipation of a potential IPO. Moreover, cryptocurrency exchange Binance unveiled the launch of perpetual futures contracts for Toncoin in March.
Durov and his brother Nikolai initiated the Telegram Open Network (TON) blockchain in 2018. However, they abandoned the project after encountering legal issues with the U.S. SEC. The SEC filed a lawsuit against Telegram in 2019 for raising $1.7 billion through an ICO using the Gram token, which was deemed an unregistered security by the regulator. Following a settlement with the SEC, Durov returned investor funds and paid a fine of $18.5 million. Despite these challenges, the TON network has continued to progress with the support of the TON Foundation community members.
In another development, TON is set to launch the Open League, offering $115 million to the community.