The price of Toncoin (TON) received a big boost yesterday after the investment from Pantera Capital. The TON token rose to $6.40 on Friday, marking its highest price since April 19. This increase represents an impressive jump of almost 405% since the low on May 1, and a massive increase of 535% from the low in 2023. With this increase, TON’s market capitalization now exceeds $22 billion.
This is what it’s all about!
According to recent the report from WuBlockchain, Dan Morehead, the founder of Pantera Capital, called TON their largest investment ever, but he did not reveal how much they invested or what discount they received for purchasing TON tokens. They previously announced they would raise $250 million to buy Solana (SOL) from FTX at a discount.
Pantera Capital has shaken up the crypto industry by investing a significant amount in the Telegram Open Network (TON) blockchain. This move underlines Pantera Capital’s belief in blockchain technology and their optimism about projects like TON. The decision to invest in TON followed discussions between Pantera founder Dan Morehead and Telegram founder Pavel Durov.
Durov is respected for his commitment to privacy and digital freedom, which has earned his projects such as Telegram a lot of recognition. Pantera’s investment is seen as a strong signal of confidence in Durov’s vision and Telegram’s commitment to security and minimal censorship. This investment is an integral part of Pantera’s broader strategy to support promising blockchain projects.
In addition to TON, Pantera recently raised a whopping $1 billion for their newest crypto fund, Pantera Fund V. This illustrates the growing interest and confidence in the cryptocurrency market, despite some challenges in the past. Currently, TON ranks as the 10th largest cryptocurrency with a market value of $16.8 billion.
How it all started!
Toncoin (TON) was originally launched by the messaging platform Telegram. In 2020, it split from Telegram after a legal battle with the US SEC. After this event, a group of open-source developers called ‘Open Network’ took over the technical management of the coin.
The Toncoin operation continued through the app, which allowed Telegram users to transfer TON internally without hassle. Ryan Barney, a partner at Pantera Capital, highlighted the role of the Telegram network in reaching a large crypto user base and its ambition to become the largest crypto network.
With the collaboration and investment, Pantera Capital shows that they have enormous confidence in crypto projects, even in a down market. Will this spark a new revival in the market? Let’s wait and see what crypto’s next move will be.
Source: https://cryptobenelux.com/2024/05/11/toncoin-ton-schiet-omhoog-na-grote-investering-van-pantera-capital/
