The Open Network’s blockchain cryptocurrency, Toncoin, has reached its highest level since January 2022.

As per CoinMarketCap data, Toncoin (TON) has witnessed an impressive surge of nearly 18% in the past 24 hours, reaching $3.31  at the time of reporting. Trading volumes have also soared by 223% to $212 million during the same period, indicating a significant uptick in interest among traders towards this cryptocurrency.

The surge in TON's value comes amidst a series of noteworthy developments. One significant catalyst for its growth was Telegram Messenger's announcement of plans to compensate channel owners in TON Coin. Additionally, the Binance cryptocurrency exchange recently unveiled the introduction of perpetual futures trading for TON coin.

A recent boost came with Telegram founder Pavel Durov's interview with the Financial Times regarding the prospective initial public offering (IPO).

In his conversation with the Financial Times, Durov revealed that Telegram's user base has surpassed 900 million. He also mentioned that the platform is edging closer to profitability and could potentially go public on the stock exchange in the near future.

Durov, who holds ownership of Telegram, disclosed that the company has garnered a valuation exceeding $30 billion from potential investors, including prominent global technology funds. Notably, he dismissed the idea of selling Telegram and is contemplating the possibility of an IPO down the line.

“Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value,” said Pavel Durov, Telegram founder.

While the specific timing and venue for the initial public offering remain undisclosed, sources suggest that Telegram will likely pursue a listing in the United States once the company achieves profitability and favorable market conditions prevail.