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Toncoin (TON) experienced a surprising surge of over 10% in the past 24 hours, catching the attention of cryptocurrency markets. This sudden price rally can be attributed to Telegram founder Pavel Durov’s announcement that he spent over $200,000 in TON tokens to purchase 10,000 semi-annual premium subscriptions to Telegram. These subscriptions will be distributed among the app’s users as part of the new “Giveaways” feature, which allows users to randomly distribute prizes to their channel followers in a transparent manner. Toncoin, a decentralized layer-1 blockchain developed by the founders of Telegram, has faced regulatory concerns and was passed on to the TON Foundation. Despite this, the recent price rally pushed Toncoin’s market cap to briefly reach $10 billion, with its daily high above $2.70 marking an 11-month high. Additionally, the Dubai Financial Services Authority granted approval for TON and XRP, allowing financial institutions within the Dubai International Financial Centre to engage in transactions involving these tokens. With bullish sentiments and the push towards the $3 mark, the Toncoin community is showing strong buying interest.