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In the midst of fervent anticipation surrounding Telegram's potential IPO, the cryptocurrency market witnessed a significant surge in the Toncoin (TON) price, skyrocketing by a staggering 26% within the past 24 hours.
The excitement stems from reports earlier this week by the Financial Times, revealing that Telegram, the renowned messaging platform, is on the brink of going public, with a preliminary valuation pegged at a substantial $30 billion. With a user base nearing the monumental milestone of 900 million, Telegram stands as a formidable force in the tech industry, nearing profitability.
Adding fuel to the fire, Spot On Chain, a cryptocurrency analytics platform, disclosed intriguing activity involving an unidentified investor, known only by the address "0x1ee." This mystery investor splurged 214 ETH, equivalent to approximately $852,000, within the last 25 hours, acquiring a substantial 209,237 TON tokens at an average price of $4.07. Notably, this undisclosed whale has been particularly successful, boasting a commendable win rate of 66.6% and raking in an estimated profit of $2.48 million from six out of nine trades.
The $TON price surged ~26% (24H) amid a potential IPO of #Telegram.
— Spot On Chain (@spotonchain) March 13, 2024
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
The convergence of these developments has amplified the buzz surrounding Telegram's IPO and the meteoric rise of the TON token. Investors and enthusiasts are closely monitoring the unfolding events, speculating on the implications of this undisclosed investor's involvement amid the IPO hype.
While Telegram and TON are separate entities, their intertwined histories and shared ecosystem have propelled them into the spotlight once again. Notably, Telegram distanced itself from TON's blockchain platform in 2020, following regulatory challenges in the United States.