Toncoin (TON) has attracted considerable interest lately, experiencing a 138% year-to-date appreciation to reach a new all-time high of $5.69.
This development coincides with Telegram’s recent launch of a revenue sharing initiative, allowing channel owners to earn 50% of advertising revenue through Toncoin.
“Toncoin has experienced a remarkable 101% appreciation over the past four weeks, reaching an all-time high of $5.69 on March 27,” said market analyst Wayne Jones.
This increase was especially significant following the announcement on March 12 that Telegram was contemplating an initial public offering (IPO). TON witnessed a rapid increase of 61% within two days of the announcement, reaching a then all-time high of $4.5.
The increase is due to the Ton network’s association with Telegram, which was initially a spin-off of the popular messenger, with its development beginning as early as 2018. Although the two companies are now separate, Telegram endorsed the network last September as its choice for a blockchain in the development of Web3 infrastructure.
Toncoin (TON)
“Recently, Telegram launched a new feature that allocates 50% of the revenue generated by ads on Toncoin (TON) to channel owners who show the ads,” Jones explained. “Notably, TON rose 25% following the Telegram CEO’s initial announcement of the ad revenue sharing initiative in late February.”
Following the program’s recent introduction, TON’s price rose more than 5% to reach $5.48, according to data from CoinGecko. Consequently, TON’s market capitalization now stands at $18.6 billion, establishing it as the twelfth largest token by market cap. Year-to-date, TON’s price has soared by more than 135%, positioning it as one of the best-performing tokens.
The TON Foundation recently introduced its inaugural Toncoin community rewards program called “The Open League,” valued at over $115 million, further fueling TON’s growth.
“The foundation reported significant growth metrics from the Open League pilot season, including a 70% increase in Total Value Locked (TVL) and an astonishing 370% increase in daily active wallets,” Jones added.
Following the launch of the rewards initiative, TON rose 14%, driven by eager investors and participants. Additionally, approximately $22 million worth of Toncoin will be earmarked for airdrops and on-chain missions, while another $40 million worth of Toncoin will be dedicated to enhancing liquidity pool rewards for tokens participating in The League.
Furthermore, according to the analyst, another factor that drove the rise was the foundation stating that US$38 million in Toncoin will be reserved to encourage the launch of a future project on the TON platform.
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