What’s Behind the 130% Toncoin (TON) Price Surge in 2024?

Toncoin (TON) has garnered significant interest lately, witnessing a remarkable 138% surge year-to-date, achieving a new all-time high of $5.69. This surge aligns with Telegram’s recent launch of a revenue-sharing initiative, allowing channel owners to earn 50% of advertising revenue through Toncoin.

Unveiling the Causes of TON’s Rapid Surge
Over the past month, the Toncoin token (TON) has seen a remarkable 101% increase in value, hitting an unprecedented peak of $5.69 on March 27.

This surge gained particular attention following the disclosure on March 12 that Telegram was contemplating an initial public offering (IPO). TON experienced a rapid 61% rise within two days of the announcement, reaching a then-all-time high of $4.5.

The surge can be attributed to the Ton network’s close association with Telegram, which originated as a spinoff from the popular messenger in 2018. Although the two entities are now separate, Telegram endorsed the network last September as its preferred blockchain for developing Web3 infrastructure.

Telegram recently introduced a new feature that distributes 50% of advertising-generated revenue in Toncoin (TON) to channel owners who display the ads. Notably, TON surged by 25% following the initial announcement of the ad revenue-sharing initiative by Telegram’s CEO in late February.
With the recent launch of the program, TON’s price has risen by more than 5%, reaching $5.48, according to CoinGecko data. Consequently, TON’s market capitalization has reached $18.6 billion, making it the twelfth-largest token by market value. Year-to-date, TON’s price has surged by over 135%, establishing it as one of the top-performing tokens.

Community Rewards Program for Toncoin
The inaugural Toncoin Community Rewards Program, dubbed The Open League, has been recently introduced by the TON Foundation, with a valuation exceeding $115 million, providing further impetus to TON’s expansion.

The foundation reported substantial growth metrics from the pilot season of The Open League, including a 70% increase in Total Value Locked (TVL) and a remarkable 370% surge in daily active wallets.

Since the launch of the rewards initiative, TON has seen a 14% increase, driven by enthusiastic investors and participants. Additionally, approximately $22 million in Toncoin will be allocated for airdrops and on-chain quests, with an additional $40 million in Toncoin earmarked for enhancing liquidity pool rewards for tokens participating in The League.

Furthermore, the foundation announced that $38 million worth of Toncoin will be reserved to incentivize an upcoming project launch on the TON platform.

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