Toncoin Bounces Hard, Eyes New All-time High With $10 Target

It’s a bullish month for the TON ecosystem as its native coin, Toncoin, inches closer to a new price height of $10.

The Open Network (TON), the layer-1 blockchain affiliated with the social messaging platform Telegram, has recorded impressive surges since the month started. Due to several partnerships and upcoming events, its native coin, Toncoin, has flipped cryptocurrencies like Dogecoin to become the 9th largest cryptocurrency by market capitalization ranking.

Created by Telegram’s founders in 2018, TON was eventually abandoned due to a legal dispute between Telegram and the United States Securities and Exchange Commission (SEC). An open-source team picked up from where the Telegram founders left off and developed the blockchain into what it is today.

Why is Toncoin Increasing?

Several events have sparked investors’ increased interest in Toncoin. One is news revolving around a potential initial public offering (IPO) for Telegram. In a recent interview with the Financial Times, Telegram CEO and co-founder Pavel Durov revealed that the social media app will likely explore an IPO to boost the company’s revenue stream. With over 900 monthly active users and their connection to Toncoin, Telegram’s potential stock market listing will likely garner massive attention.

Another key driver in TON’s latest performance is the Notcoin game, a Telegram-based game launched in January 2024. The game involves around 35 million players tapping their phone screens to earn in-game rewards called the NOT token. The NOT token is expected to go live on the TON blockchain, sparking more interest in the blockchain’s underlying cryptocurrency.

Last week, TON blockchain embraced artificial intelligence through a partnership with the AI company HumanCode. The collaboration was aimed at redefining how users verify their identity online. The initiative was accompanied by an incentive of one million TON for users who verified their identities.

Other notable activities within the Toncoin ecosystem include a recent airdrop of 300,000 TON for memecoin traders.

TON Eyes New ATH of $10

Following these on-chain activities, TON soared to an all-time high of $7.63 last week. Although a market correction has brought the asset’s price to $7.1, the crypto asset still holds the potential of seeing a significant price surge to a peak price of $10 if its bullish trends continue.