Toncoin (TON), the open source blockchain built on Telegram, is rapidly gaining ground and approaching the market capitalization of the leading memecoin, Dogecoin (DOGE). In the past 7 days, Toncoin experienced a significant surge of 42.3%, propelling its market cap to an impressive $25 billion, just $2 billion behind Dogecoin.
Toncoin, which was transferred to the open-source community after Telegram dropped the project, has been making waves in the crypto market recently. The recent price surge is likely fueled by rumors of Telegram going public.
Speculation about a potential initial public offering (IPO) has been circulating for some time. In March, Telegram CEO Pavel Durov revealed in an interview with Business Insider that the company had received offers valuing it at over $30 billion, but Durov expressed more interest in pursuing a direct IPO.
Another factor contributing to Toncoin’s growing popularity is the Notcoin game, which has boosted engagement with the TON ecosystem. The game rewards users who interact with the TON-based projects by installing wallets, purchasing NFTs, and upgrading Telegram accounts, among other activities. Toncoin recently surpassed Cardano (ADA) in terms of market capitalization, with ADA currently valued at $20 billion. TON is now currently ranked the 9th largest cryptocurrency by total market capitalization.