TON, the native token of the Telegram-affiliated blockchain, surged 8.33% to $1.60 in the last 24 hours, driven by a mix of ecosystem milestones and growing support.
The move propelled TON to break past the $1.60 mark, driven by rising volume and renewed market momentum, while outperforming the broader crypto market. Based on the performance of the CoinDesk 20 (CD20) index, the market has risen by around 4% during the same period.
The rally follows the release of TON’s October ecosystem recap, which highlighted key developments including the launch of Confidential Compute Open Network (COCOON), a decentralized AI network introduced by Telegram founder Pavel Durov.
Integrated directly into Telegram, COCOON aims to connect financial applications and AI tools across the app’s 900 million users, positioning TON as a hub for AI-powered decentralized finance.
Other updates added fuel to the move. TON now supports trading of tokenized U.S. stocks via Telegram wallets, while Lamborghini debuted digital collectibles on the network.
Liquidity and institutional interest are also growing. TON was listed on Bitstamp, adding to earlier support from Coinbase Ventures and Gemini. Chainlink adopted TON as a crosschain standard, enabling easier data integration for apps built on the network.
TON’s top DEX, STON.fi, reported rising TVL and volumes amid new yield farming programs.
From a technical standpoint, TON confirmed a breakout from a double bottom pattern, with volume up 15% and RSI rebounding from oversold levels according to CoinDesk Research's technical analysis data model.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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