TON, the native token of the Telegram-owned blockchain, has surged 8.33% to $1.60 in the past 24 hours due to a combination of ecosystem milestones and growing support.
With this move, TON broke through the $1.60 mark, outperforming the broader crypto market, driven by increased volume and renewed market momentum. Based on the performance of the CoinDesk 20 (CD20) index, the market rose approximately 4% during the same period.
The gathering follows TON’s October ecosystem overview release, which highlighted key developments including the launch of Confidential Compute Open Network (COCOON), a decentralized AI network introduced by Telegram founder Pavel Durov.
Directly integrated 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 also spurred this movement. TON currently supports trading of tokenized US stocks via Telegram wallet, and Lamborghini is debuting digital collectibles on the network.
Liquidity and institutional investor interest are also on the rise. TON was listed on Bitstamp, adding to previous support from Coinbase Ventures and Gemini. Chainlink adopted TON as a cross-chain standard to facilitate data integration for apps built on the network.
STON.fi, TON’s top DEX, reported an increase in TVL and trading volumes amid a new yield farming program.
From a technical perspective, according to CoinDesk Research’s technical analysis data model, TON saw a 15% increase in volume and RSI rebounded from oversold levels, confirming a breakout from the double bottom pattern.
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