Due to Telegram updates, TON is approaching its all-time high price

Toncoin (TON) serves as the native cryptocurrency of The Open Network. Despite there being no official connection between this network and the messaging app Telegram at present, their shared history leads many investors to associate the two developments. As a result, positive updates regarding Telegram often tend to positively influence the cryptocurrency's price.

On March 11th, Telegram founder Pavel Durov stated that he could consider an initial public offering (IPO) for his company. This means it would become a publicly traded company whose shares would be traded on stock exchanges.

This development has boosted and continues to boost the price of TON. In the following chart, provided by TradingView, the price of Toncoin over the last 30 days is observed. The price increase during this period was over 130%.

The initial momentum sparked by the news regarding the potential IPO of Telegram is further augmented by the fact that on March 19th, The Open Network development team announced a rewards program totaling $115 million.

In this program, both developers of applications on the network and users of these products will be rewarded with airdrops of the TON cryptocurrency based on their performance.

It is explained in a statement:

"We've been saying for a while now that TON is here to put cryptocurrencies in everyone's pockets. Well, here you go, that's it. A smooth and highly rewarding conversion path for every type of Telegram user to become a 'Crypto CHAD' [meaning a cryptocurrency expert].

It's a very public experiment, and we hope you'll join us in making it a success. Let's show everyone that cryptocurrencies don't have to be complex. They can be easy, intuitive, highly rewarding, and accessible to anyone with a Telegram account."

The Open Network development team

The negative news about Telegram in Spain has no impact on TON

Yesterday, this news outlet reported that the Telegram app was temporarily banned in Spain. This decision came from the Spanish National Court and will take effect starting tomorrow, March 25th. According to a judicial source cited by the press, the suspension followed complaints from media companies such as Telefónica, Atresmedia, EGEDA, and Mediaset. They accuse the app of allowing users to upload content without their consent. Despite the fact that, as explained earlier, news related to Telegram usually impacts TON's price, this was an exception as the cryptocurrency continues its upward trend. TON is approaching $5.84, which, according to price trackers like CoinMarketCap, is its all-time high reached in November 2021.