Toncoin surges 40% due to Reddit IPO success and terror in Moscow

The Bitcoin price is once again trading around $70,000 and altcoins are following that trend. One of the most notable increases of the past week was that of Toncoin, which is trading close to its all-time high.

In the past week, Toncoin rose by more than 40% while other major altcoins were still undergoing the end of a correction. We’ll explain why.

Toncoin is available on the exchanges below:

Reddit IPO

There is hope on Wall Street that the success of last week’s Reddit IPO will lead to a new series of successful stock market launches from tech companies and social media platforms.

Another neighboring tech company that is considering an IPO this year is Telegram, which now has almost as many global users as Reddit. Investors are already getting a head start on that success and are therefore participating in Toncoin, Telegram’s cryptocurrency.

Telegram revealed its intention to IPO, Toncoin (TON) price increased more than 60%. The Open Network’s Toncoin (TON) token increased more than 60% in the past 48 hours after Telegram CEO opened his mind to IPO in the United States. Pavel Durov , founder and CEO of Telegram,…

— Romeo ❤️ Memeland (@RMemeland38859) March 24, 2024

Toncoin is used to allow influencers on Telegram to participate in the success of their channel. For example, if an influencer has 100,000 followers on Telegram, he can place ads on his posts. He is then paid in Toncoin for this advertisement.

Terror attack in Moscow

In previous years, the price of Toncoin went up every time WhatsApp went down. When that happened, hundreds of millions of people simultaneously searched Google for a WhatsApp alternative and ended up at Telegram.

Last Friday there was a terrorist attack in Moscow. Russian internet users quickly spread the images via Telegram, the social media platform that was originally developed in Russia (and is also on the rise in China) and is still very popular there. Telegram search results shot through the roof again this weekend.

Grimly enough, a terrorist attack is partly responsible for the new record price of Toncoin.