🚀 Crypto Here’s Why Toncoin (TON) Price is Up Over 130% in 2024

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Toincoin (TON) has attracted considerable interest lately, experiencing a 138% surge year-to-date, reaching a new all-time high of $5.69.

This development coincides with Telegram’s recent launch of a revenue-sharing initiative, enabling channel owners to earn 50% of advertising revenue through Toncoin.

The Reasons Behind TON’s Rapid Rise​

The Toncoin token (TON) has experienced a notable 101% surge in value over the past month, reaching an all-time high of $5.69 on March 27.

This increase was particularly significant following the disclosure on March 12 that Telegram was contemplating an initial public offering (IPO). TON witnessed a rapid 61% increase within two days post-announcement, achieving the then-all-time high of $4.5.

The surge was due to the Ton network’s association with Telegram whereby it was initially a spinoff from the popular messenger with its development beginning as early as 2018. Even though the two companies are separate now, Telegram endorsed the network last September as its choice for a blockchain in developing Web3 infrastructure.

Telegram recently unveiled a new feature that allocates 50% of ad-generated revenue in Toncoin (TON) to channel owners displaying the ads. Remarkably, TON surged by 25% following Telegram’s CEO’s initial announcement of the ad revenue-sharing initiative in late February.

Following the program’s recent introduction, TON’s price climbed more than 5%, reaching $5.48, according to CoinGecko data. Consequently, TON’s market capitalization is now at $18.6 billion, establishing it as the twelfth-largest token by market value. Year-to-date, TON’s price has soared by over 135%, positioning it as one of the top-performing tokens.

Toncoin Community Rewards​

The TON Foundation has recently introduced its inaugural Toncoin community rewards program, The Open League, valued at over $115 million, further fueling TON’s growth.

The foundation reported significant 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.

Following the rewards initiative launch, TON climbed 14%, driven by eager investors and participants. Meanwhile, approximately $22 million in Toncoin will be allocated for airdrops and on-chain quests, while an additional $40 million in Toncoin will be dedicated to enhancing liquidity pool rewards for tokens participating in The League.

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

The post Here’s Why Toncoin (TON) Price is Up Over 130% in 2024 appeared first on CryptoPotato.