One cryptocurrency has received a massive boost Wednesday as Toncoin (TON) jumped as much as 16% following news of Elon Musk’s recent Telegram deal. Indeed, the crypto saw its value skyrocket after a partnership between both xAI and the messaging app came to light.
The development is just another key part of what is a notable expansion for Telegram as an application. Moreover, after founder Pavel Durov confirmed the integration of Grok into the platform, Toncoin skyrocketed. The cryptocurrency is a key part of The Open Network (TON) ecosystem and is set to benefit from the major collaboration.
🔥 This summer, Telegram users will gain access to the best AI technology on the market. @elonmusk and I have agreed to a 1-year partnership to bring xAI’s @grok to our billion+ users and integrate it across all Telegram apps 🤝
💪 This also strengthens Telegram’s financial… pic.twitter.com/ZPK550AyRV— Pavel Durov (@durov) May 28, 2025
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Toncoin Skyrockets After Elon Musk’s Grok & Telegram Make $300 Million Deal
On Wednesday, it was revealed that Telegram and xAI’s Grok would be signing a major partnership. Indeed, users of the messaging application will now have access to the top-tier AI offering. The deal would see the app receive $300 million in cash and equity from the firm while also getting a portion of xAI subscriptions sold through the platform.
That has been a major boost to the Open Network and its standing in the current technology landscape. Moreover, it has already proven to be a boost to its various facets. Specifically, Toncoin (TON) had jumped as much as 16% after news surfaced of the Elon Musk deal with Telegram.
Also Read: Toncoin (TON) Price Prediction: Could TON Reach $30 by 2025?
It fell slightly by mid-afternoon, trading at $3.41. However, the high-profile partnership saw its trading volume surge more than 463% in the last 24 hours. Additionally, its market cap also increased, nearing the $8.5 billion mark.
This may just be the beginning of a major expansion effort for the application. According to a recent report from the Wall Street Journal, Telegram is also looking to raise $1.5 billion from bond issuance. Moreover, it is looking to get increased capital from existing investors such as BlackRock and Abu Dhabi’s Mubadala.