Could Telegram IPO send its own crypto coin Toncoin to record high?

The region known as the West (in other words Europe, North America, Japan and Oceania) has been introduced to some serious opponents in the field of technology in recent years. During the previous decade, social media and online shopping was dominated by Facebook, Instagram and Amazon.

Due to the development of similar platforms in the ‘East’ so to speak (aka China, Russia, Brazil, the Middle East, India and large parts of Asia), you now also have companies like Temu, Shein and WeChat competing with these.

And then there is the so-called black sheep of course. The social media platform that originally came from Russia and was kept secret, but which has been operating from Dubai ever since Russia’s invasion of Ukraine. We know it as Telegram.

900 million users for Telegram

Pavel Durov, who is sometimes called the Russian Mark Zuckerberg, is the founder of the platform. By now, Telegram has some 900 million monthly users. This means it can compete with Meta (formerly Facebook), X (formerly Twitter) and WeChat.

TELEGRAM CONSIDERS IPO, SPARKING $TON COIN SURGE

• @Telegram CEO Pavel Durov hints at a potential IPO, leading to a surge in The Open Network’s Toncoin ($TON) price.

• The Open Network, once associated with Telegram, saw its cryptocurrency rise to $3.84 per coin, the highest… https://t.co/V4Brvxr7HS pic.twitter.com/1VlWPTQrJV

— BSCN (@BSCNews) March 12, 2024

For several years now, Telegram has also had its own cryptocurrency, known as TON (or Toncoin), which stands for The Open Network. The intention is to allow Telegram users to pay each other in TON instead of having to operate via fiat exchange rates.

Popular posters on Telegram will also be able to advertise on their channel within a few weeks. The compensation they will receive from Telegram for allowing these ads will be paid in TON.

All this news has seen TON climb into the top 20 in CoinMarketCap and has been steadily rising over the last month as there are rumors of an impending Telegram IPO.

For TON, the 2021 ATH of $5,29 is approaching and is just 20% away. Toncoin is available on Bybit and MEXC.