- TON reached an all-time high of $7.6.
- The asset’s growth is driven by numerous announcements from The Open Network and Telegram.
On April 11, the price of Toncoin (TON) exceeded $7.6, marking a new all-time high. Over the past week, the asset has risen by approximately 50%.
At the time of writing, the coin’s price had adjusted to $7.4. According to CoinGecko, TON’s market capitalisation stands at $25.9 billion.
The token has secured the 10th position, surpassing Cardano (ADA) with a market cap of $20.9 billion. Since the beginning of the year, the asset has outpaced Bitcoin in growth — 235% compared to 130%.
There are some concerns within the community regarding the distribution of TON’s issuance. According to CoinCarp, over 60% of the coins are held by the top 10 holders, and 93% are concentrated among 100 users.
Reasons for Growth
The positive trend for TON is linked to recent initiatives by The Open Network blockchain developers, including several integrations with the Telegram messenger. The network and the social platform maintain a close relationship, despite legally separating in 2020.
One of the most significant initiatives was the allocation of 1 million TON (~$7.4 million) to the TON Society community to reward participants who undergo verification through palm scanning. The partnership with HumanCode aims to address the issue of bots and implement Web3 identification in Telegram.
Previously, the messenger team implemented a feature for payments in TON for advertising. Channel owners can receive 50% of revenues from marketing ads. Channels with more than 1,000 subscribers are eligible for monetisation, and funds can be withdrawn via the Fragment exchange.
In March, blockchain developers also announced the distribution of 30 million TON (~$224.4 million) for user participation in ecosystem projects. The distribution of coins for activities began on April 1.
On April 8, the Web3Festival conference took place in Hong Kong, where TON representatives spoke on the main stage.
? TON’s mainstage event in Hong Kong was a huge success!
For the first time, #TON became a title sponsor of the @festival_web3, hosting a full-day event packed with major announcements, giveaways, product demos, and more!
Let’s dive into some of the highlights ?⬇️ pic.twitter.com/ShU22GLWuu
— TON ? (@ton_blockchain) April 9, 2024
In addition to the already announced initiatives, the event showcased several projects from the first season of the accelerator focusing on Asia, including Tradoor, TONTIX, Xircus, and Bounty Bay.
Steve Yun, President of the TON Foundation, introduced a new catalogue feature in TON Space, a non-custodial version of Wallet, which simplifies tracking applications on the blockchain.
The next significant event for TON will be the Token2049 conference in Dubai on April 18-19, where Telegram CEO Pavel Durov will speak.
Earlier, it was revealed that the company is preparing for a potential IPO.
Back in February, Durov proposed a solution to preserve TON’s decentralisation. The Telegram team will be limited to owning 10% of the total token issuance, and advertising in the messenger will be sold for digital assets.