TONcoin Soars 38% on Telegram IPO Hint: Investor Confidence Surges

On-chain analysis platform Lookonchain has revealed that a whale spent 214 ETH, currently worth almost $858,000 to buy 209,237 Toncoin at an average price of $4.1. The price of Toncoin currently rests at $4.32, up 16% in the last 24 hours.

The value of Toncoin on the Open Network grew by 38% on Monday after Pavel Durov, the CEO of the popular messaging app Telegram hinted at a potential IPO. Durov revealed to the Financial Times that Telegram had become one of the world’s most popular social media apps, raking in “hundreds of millions of dollars” in revenue through advertising and premium subscription services.

Telegram now boasts an impressive 900 million monthly active users, up from 500 million at the start of 2021. Durov also mentioned that Telegram’s decision to monetize was a means to remain independent, and an IPO would democratize access to Telegram’s value.

The CEO added,

The main reason why we started to monetise is because we wanted to remain independent,” he said. “Generally speaking, we see value in [an IPO] as a means to democratise access to Telegram’s value.

Durov also suggested that Telegram would consider selling an allocation of stock to its loyal users. Recently, Reddit announced a similar plan to allocate a portion of its shares to retail investors ahead of a New York listing in March.