Toncoin surges more than 60% amid potential Telegram IPO
The Toncoin (TON) cryptocurrency grew by more than 60% in two days after the founder of the Telegram messenger Pavel Durov announced plans to conduct an initial public offering (IPO), writes CoinDesk.
The Toncoin (TON) cryptocurrency entered the top twenty cryptocurrencies in terms of market capitalization, according to CoinGecko, overtaking the token of the decentralized exchange Uniswap (UNI) and the coin of the largest blockchain asset value, TRON (TRX), in the ranking. In less than a week, the coin increased in price by 65%. At 17:40 Moscow time, TON is trading at $4.48 with a capitalization of $15 billion, according to CoinGecko.
Telegram received a preliminary valuation of "$30 billion or more" ahead of a potential IPO. This assessment was given by potential investors, including technology funds wishing to buy the company. The company plans to use the funds raised through the IPO for further development and repayment of bonds.
