Toncoin price reaches all-time high

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The price of the Toncoin cryptocurrency has reached a new all-time high amid continued growth.

April 8 marked a new record for Toncoin (TON) price, surpassing the $5.90 threshold. As reported by CoinMarketCap, the asset experienced an increase of 8.3% in just one day and a staggering 103% growth within a month. At present, Toncoin is being traded at $5.88, representing a gain of 9.6% over the previous 24 hours.

TON’s capitalization also set a record high, and at the time of writing was $20.3 billion.

Over the past week, TON‘s market value placed it among the top 10 cryptocurrencies, with its value nearly doubling within a month.

Against various backdrops last month, Toncoin hit new peaks in value. Notably, Pavel Durov, the founder of Telegram messaging app, introduced a novel incentive scheme for channel proprietors.

In March, telegram’s founder Pavel Durov revealed that Telegram was valued at over $30 billion during a preliminary assessment in anticipation of an initial public offering. Furthermore, Binance, a cryptocurrency exchange, announced the commencement of a perpetual futures contract for Toncoin.

In 2018, Durov and his brother Nikolai introduced the Telegram Open Network (TON) blockchain to the public. However, they had to give up on the project two years later due to legal issues with the U.S. Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Telegram in 2019 for allegedly raising $1.7 billion through an Initial Coin Offering (ICO) using the Gram token, which was deemed an unregistered security by the regulatory body.

Durov reached an agreement with the SEC, refunded investors’ money, and paid a penalty of $18.5 million. The TON network carries on growing under the guidance of the TON Foundation’s dedicated community.

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2024-04-08 17:26