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Toncoin (TON) is down more than 75% from its 2024 peak and more than 65% from its 2025 high. Investors blame Telegram for selling an amount equivalent to about 10% of TON’s market capitalization.
Analysts are divided on the impact of the move. At the same time, the growth of Toncoin has become more closely related to news related to Telegram.
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Critics blame Telegram for the low price of Toncoin
male Recent report In a newspaper The Financial Times reported that Telegram sold more than $450 million of Toncoin in 2025. This revelation sparked a heated debate between analysts and the cryptocurrency community.
Concerns quickly emerged about the reasons for the sale. He argues Critics say the primary goal was to fund Telegram’s institutional operations instead of directly supporting the TON ecosystem. This raised questions about long-term value accumulation for TON holders.
Some investors argue that this marketing activity has contributed to TON’s stagnant price performance.
“Oh my goodness, no wonder TON is down 66%,” said investor 0xGeeGee.
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to compare Investor Mike Dudas puts Pump.fun, which spent $225 million to buy its own token, to highlight the difference in strategy.
The Times also noted that Telegram’s Russian bonds worth about $500 million have been frozen under Western sanctions. These details indicate that Telegram still faces financial exposure to Russia. This information raised doubts of investors about the economic independence of Telegram.
The negative news surrounding Telegram could have a lasting and significant impact on the price of Toncoin. at first, a description Pavel Durov, CEO of Telegram, described TON as the economic backbone of the Telegram platform.
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What do the defenders of Telegram say?
In response to these concerns, Manuel Stutz, CEO of TON Strategy Co (Nasdaq: TONX), responded to the criticism.
He stressed that Telegram remains committed to the TON blockchain. He explained that each TON sold is subject to a four-year vesting period. The biggest buyer is TON Strategy Co itself, a permanent capital vehicle designed to accumulate, hold and participate in TON instead of selling it in the market.
At the same time, reported CoinGecko reports that TON Strategy is currently making losses. The company owns more than 4% of the total supply of TON, now valued at more than $406 million, while it spent $713 million to develop the site.
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In support of the defense, the shareholder Damex argued that the sales of Telegram do not represent an exit, but an attempt to balance the ecosystem. He stated that the excessive accumulation of tons in Telegram prevents decentralization. Controlled sales are offered Long term for term buyers Long with reservation and the right as a healthier alternative.
“Telegram sells TON because it has to, not because it wants out. Ads, revenue sharing, the importance and updating of usernames, gifts, premium payments, stars and other in-app payments are all solved via TON in one way or another. As Telegram expands, it naturally occurs from these flows, As he said Domex
Regarding the alleged financial exposure to Russia, Pavel Durov denied the allegation, emphasizing that the information was inaccurate.
Ultimately, the credibility of these defenses can be tested based on whether the price of TON recovers in 2026 and whether investor confidence returns to the altcoin.
