- Toncoin price rose 13% in the past 24 hours to lead top gainers on Wednesday.
- Gains followed major news announcements by TON Foundation and another related to Telegram.
- TON price traded at $3.48 at the time of writing, while volume was at $745 million.
Toncoin (TON) price caught the crypto market’s attention on Wednesday as it rose sharply amid broader market struggles for Bitcoin and top altcoins.
With 13% in price gains in the past 24 hours, Toncoin ranked among the top gainers on the day, outpacing the likes of Quant, Uniswap, and Injective among the top 100 by market cap.
TON, native to The Open Network blockchain, rallied as traders raced to buy amid a series of major Telegram news.
Toncoin price soars, volume up 400%
As the price of Toncoin soared by more than 13%, trading volume rose through the roof.
As per data from CoinMarketCap, Toncoin recorded a 410% spike in volume, hitting $745 million.
TON’s price reached highs of $3.69 before slightly retreating to $3.48 at the time of writing.
Gains see TON token up by more than 10% in the past week.
Before the latest gains, Toncoin price largely traded flat over the week, with no momentum after bulls gave up ground.
Is this uptick thus going to push the altcoin to above $5? The price last hovered above these levels in early 2025.
Telegram news buoys TON price
As noted above, the main catalyst for Toncoin’s notable price surge is a series of positive news.
The vibe mostly relates to two major announcements linked to Telegram and the TON Foundation.
First, the TON Foundation revealed the appointment of Nikola Plecas as its new Vice President of Payments.
Plecas, a former Visa executive with deep expertise in crypto product innovation, is tasked with scaling TON’s payment infrastructure to cater to Telegram’s massive user base of over 1 billion.
His focus will be on enhancing interoperability, security, and scalability—key pillars for mainstream adoption of Web3 payments.
Plecas’s experience at Visa, where he shaped the company’s global crypto strategy, positions him as a pivotal figure in TON’s ambition to revolutionize payments within the Telegram ecosystem.
Why else is Toncoin’s price up today?
Also fueling optimism around TON is news that Telegram plans to raise $1.5 billion through a bond sale.
Notably, market reaction largely jumped as traders noted that Telegram’s initiative is backed by Wall Street heavyweights like Citadel and BlackRock.
That’s not all. TON is also expanding its ecosystem, integrating Ethena’s USDe and tsUSDe stablecoins for in-app savings.
Collaboration with Tether via LayerZero for a multi-chain network has also been a key development.
