Toncoin (TON) Price Spikes to $6.40 After Pantera Capital’s Big Investment

Toncoin (TON) today demonstrated bullish momentum following Pantera Capital’s investment. The TON token shot up to $6.40 on Friday morning, marking its highest price since April 19th. This surge represents a huge jump of nearly 405% from its lowest point on May 1st and a whopping 535% increase from its lowest level in 2023. With this rise, TON’s market cap is now over $22 billion. Let’s see what it means for you.

Here’s the Real Insight! 

According to a recent news break by WuBlockchain, Pantera Capital’s founder Dan Morehead mentioned that TON is their biggest investment ever, but didn’t say how much they invested or the discounted price for getting TON tokens. Earlier, they said they would raise $250 million to buy discounted SOL from FTX. 

Pantera Capital shook the crypto scene with its biggest investment ever by putting a substantial amount of money into the Telegram Open Network (TON) blockchain. This move shows that Pantera Capital believes in blockchain technology and sees a lot of potential in projects like TON. The decision to invest in TON came after talks between Pantera’s founder, Dan Morehead, and Pavel Durov, the founder of Telegram. 

Durov is known for his commitment to privacy and digital freedom, making his projects like Telegram highly respected. Pantera’s investment is seen as a big vote of confidence in Durov’s vision and Telegram’s commitment to security and minimal censorship. This investment is part of Pantera’s broader strategy to support promising blockchain projects. 

In addition to TON, Pantera recently raised a whopping $1 billion for its latest crypto fund, Pantera Fund V. This shows that there’s growing interest and confidence in the cryptocurrency market, despite some challenges in the past. In the meanwhile, TON is now the 10th largest cryptocurrency with a $16.8 billion market valuation.

How it all happened!

Initially launched by the Telegram messaging platform, Toncoin (TON) parted away from Telegram in 2020 following a legal battle with the US SEC. After this, the technology management of the coin was taken over by ‘Open Network’ a group of open-source developers.

The Toncoin operation continued with the app, wherein the telegram users could transfer the TON internally, hassle-free. Ryan Barney, a Pantera capital partner emphasized the Telegram network’s role in reaching mass crypto userbase and its to become the biggest crypto network.  

With the partnership and investment Pantera Capital is showing immense faith in crypto projects in the downmarket, will this bring a fresh rally in the market? Let’s wait and wait on crypto’s next move.