In the fast-changing world of cryptocurrency, Toncoin (TON) is grabbing significant investor and institutional interest due to talks about Telegram’s potential IPO (Initial Public Offering).
This speculation has driven Toncoin’s price up by over 22% in just one day, reaching an all-time high of $4.52.
Toncoin Surges Amid Telegram IPO Speculation
The news of Telegram’s potential IPO has captured widespread attention and prompted crypto whales to invest in Toncoin (TON). Pavel Durov, the founder and CEO of Telegram, discussed the IPO during an interview with local media, highlighting the company’s significant revenue growth since introducing advertising and premium subscription services two years ago.
In response to the IPO speculation, Toncoin’s price has surged to around $4.40, experiencing a remarkable 22% increase in the past 24 hours alone. Looking at TON’s performance over a longer period, it has seen a surge of over 63% in the last 7 days and over 100% in the last 30 days, providing substantial returns for TON holders.
According to on-chain analytics firm spotonchain, a crypto whale address known as 0x1ee has recently purchased 209,237 TON tokens, worth approximately $852,000, within the past 25 hours. Additionally, this whale has earned over $2.48 million from trading 6 to 9 similar tokens, boasting a win rate of over 66%.
The $TON price surged ~26% (24H) amid a potential IPO of #Telegram.
Whale 0x1ee has spent 214 $ETH ($852K) to buy 209,237 $TON at ~$4.07 in the past 25 hours.
Note that the whale is currently earning an est. total profit of $2.48M from 6 of 9 traded tokens (win rate: 66.6%).… pic.twitter.com/c7Eps1dEsX
— Spot On Chain (@spotonchain) March 13, 2024
Technical Analysis Indicates Bullish Trend for TON
Expert technical analysis suggests a bullish trend for Toncoin (TON), with the cryptocurrency trading close to its all-time high of $4.52. The significant price surge in TON occurred following the breakout of an inverted head and shoulder price action pattern. Since the breakout, TON has surged by over 54%. However, further upward movement may be preceded by price consolidation or retracement.
This scenario echoes a previous instance when CEO Pavel Durov announced the opening of the Telegram Ad Platform to advertisers across multiple countries. As part of this announcement, channel owners were promised over a 50% share of the revenue generated from ads displayed in their channels. In response to this news, TON’s price soared by more than 25%. The revenue shares for channel owners will be facilitated on the TON blockchain, ensuring swift and secure transactions.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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