TON Network's native token, toncoin (TON), has soared by over 60% in just two days following Pavel Durov's announcement of plans for an initial public offering (IPO)

TON's value soared from $2.72 to $4.38, while its market capitalization has expanded from $9.5 billion to $15.5 billion, as reported by CoinGecko. Concurrently, the CoinDesk 20 Index (CD20) has surged by 7.8% during this period, as a broader market rally spurred by Bitcoin's record high of $73,707.

Last September, Telegram officially backed the TON network as its preferred blockchain for Web3 infrastructure. In a recent interview with the Financial Times, Durov expressed enthusiasm for the IPO, noting its potential to democratize access to Telegram's value. He also disclosed Telegram's impressive user base of 900 million and hinted at its nearing profitability.

Initially stemming from Telegram, the Ton Network began development as early as 2018. However, legal issues with the SEC prompted Telegram to halt Ton Network development in 2020. Nonetheless, community efforts reignited the project a year later, leading to the current state where the two entities operate independently.

Source: coindesk.com, coingecko.com