Telegram’s new revenue sharing system utilizing Toncoin and thoughts of going public are among the factors driving TON’s price increase. Toncoin (TON) has attracted significant attention recently, surging by 138% since the start of the year to reach an all-time high of $5.69. This surge coincides with Telegram’s recent initiative to launch a revenue sharing model.
What’s Driving the TON Price Increase?
The Toncoin token (TON) experienced a noteworthy increase of 101% in value last month, reaching an all-time high of $5.69 on March 27. This surge was particularly significant following Telegram’s announcement on March 12 of considering an initial public offering (IPO). TON witnessed a rapid 61% increase in the two days following the announcement, hitting what was then an all-time high of $4.5.
This increase stemmed from the Ton network’s relationship with Telegram, which began as early as 2018 and transformed it into one of the popular messaging programs. Although the two companies are now separate, Telegram endorsed the network as a blockchain choice for developing Web3 infrastructure last September.
Telegram recently introduced a new feature that allocates 50% of advertising revenues in Toncoin (TON) to channel owners who display the ads. The 25% increase in TON’s value following Telegram CEO’s initial announcement of the revenue sharing initiative at the end of February was quite remarkable.
According to CoinGecko data, TON’s price rose by more than 5% to $5.48 following the program’s recent introduction. Consequently, TON’s market value is currently at $18.6 billion, ranking it as the twelfth largest token by market value. Since the beginning of the year, TON’s price has shown an increase of over 135%, making it one of the best-performing tokens.
Notable Moves from the TON Foundation
TON Foundation recently introduced The Open League, the first Toncoin community reward program valued at over $115 million, which is set to further accelerate TON’s growth. The Foundation reported significant growth metrics during the Open League’s pilot season, such as a 70% increase in total value locked (TVL) and a remarkable 370% increase in daily active wallets.
Following the launch of the reward initiative, TON rose by 14% due to the impact of enthusiastic investors and participants. Meanwhile, approximately $22 million worth of Toncoin tokens are allocated for an airdrop event and on-chain tasks, while an additional $40 million will enhance liquidity pool rewards for tokens participating in The League.
The Foundation also announced that $38 million worth of Toncoin would be allocated to promote an upcoming project launch on the TON platform.
