The currency is approaching the market value of the Togolese dollar, which surged 42% last week.

The Telegram-based open-source blockchain currency Toncoin (TON) is rising rapidly, with its market capitalization approaching that of the leading coin of the epoch, Dogecoin (DOGE). Over the past seven days, Toncoin has risen 42.3% to a market capitalization of $25 billion, just $2 billion behind Dogecoin.

Toncoin, which moved to the open source community after Telegram abandoned the program, has been making waves in the cryptocurrency market lately. The recent price spike is likely fueled by rumors of Telegram's IPO.

Speculation about a potential initial public offering (IPO) has been circulating for some time. In an interview with Business Insider in March, Telegram's chief executive Pavel Durov revealed that the company had received offers valuing the company at more than $30 billion, but Durov said he was more interested in going straight to an IPO.

Another factor in the growing popularity of Toncoin is the Notcoin game, which increases the level of engagement with the TON ecosystem. The game rewards users who interact with TON-based projects by installing wallets, buying NFTs, and upgrading Telegram accounts. In terms of market capitalization, Toncoin recently surpassed Cardano (ADA), which is currently valued at $20 billion. In terms of total market capitalization, TON is currently ranked ninth.