Toncoin Surges Over 20%: Here’s What’s Fueling the Rally and What Could Be Next
Toncoin (TON), the native token of The Open Network tied, is up more than 22% on the day, trading at $3.66, with a market cap exceeding $9.1 billion and 24-hour volume spiking nearly 288% to $551 million, according to CoinMarketCap.
A major catalyst behind the surge appears to be Telegram’s $1.5 billion bond raise, which offers a 9% yield and a 20% IPO discount—a move that’s drawing in institutional giants like BlackRock, Mubadala, and Citadel.
The proceeds from this bond sale will be used to retire Telegram’s 2021 bonds maturing in 2026.
The Wall Street Journal reports that the bond raise is widely interpreted as a sign Telegram is moving closer to a long-awaited initial public offering (IPO). The IPO discount has further fueled investor speculation and bullish sentiment around the ecosystem—including Toncoin.
Strategic Partnership with Elon Musk’s xAI
In another massive development, Telegram CEO Pavel Durov announced a partnership with Elon Musk’s xAI, integrating the AI product “Grok” directly into the Telegram platform, which serves over a billion users. Telegram is set to receive $300 million in cash and equity, along with 50% of the revenue from xAI subscriptions conducted within Telegram. This move not only monetizes Telegram more aggressively but also increases the perceived utility and ecosystem value around Toncoin.
Bullish Technical Breakout
From a technical standpoint, Toncoin is also drawing attention from chartists. Analyst Carl Moon highlighted on X that $TON is breaking out of a symmetrical triangle pattern, targeting a horizontal resistance at $4.55. A confirmed move toward that resistance level would represent a 39% increase from the breakout point, reinforcing bullish expectations.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
