Toncoin (TON), the native cryptocurrency of The Open Network, a layer-1 blockchain built around the Telegram messaging ecosystem, surged over 26% in the past 24 hours to trade at $1.73 as of May 5, 2026.
The sharp rally was triggered by a post from Telegram founder and CEO Pavel Durov on X on May 4. Durov announced that Telegram, the global messaging platform with over 950 million users, will replace the TON Foundation as the primary driving force behind the TON blockchain. He also confirmed that Telegram will become the network’s largest validator.
Fees slashed sixfold, focus shifts to “Tech Superiority”
In the same post, Durov noted that fees on the TON network have already dropped sixfold, bringing them down to near zero, around $0.0005 per transfer. He outlined a clear roadmap going forward, saying the focus will now shift to “tech superiority” with a revamped ton.org website, new developer tools, and performance upgrades.
The timeline for these changes, according to Durov, is two to three weeks.
This is a significant structural shift for the TON ecosystem. Until now, the TON Foundation, an independent non-profit body, had been leading the blockchain’s development and governance. With Telegram now stepping in directly, the network gets access to the messaging giant’s massive user base, engineering resources, and global reach.
Volume explodes nearly 600%
The market responded sharply to the news. Trading volume over the past 24 hours crossed $664 million, a spike of over 600% compared to the previous day. This kind of volume jump indicates a rapid wave of buying interest and speculative activity around the token.
At the time of writing, TON’s market capitalization stands at $4.66 billion, up roughly 30.5% from the day before. The token had been trading around the $1.38 level before the announcement broke, meaning the move added approximately $1 billion in market value in a matter of hours.
On the weekly chart, TON is up over 32%, significantly outperforming the broader crypto market, which gained roughly 3-5% in the same seven-day window.
TON ecosystem tokens rally hard
The impact was not limited to Toncoin alone. Meme tokens built on the TON blockchain saw massive gains across the board. Dogs, a TON-based meme token, rallied over 90% on the day, while Notcoin (NOT) climbed more than 26%.
The combined market cap of TON ecosystem meme tokens surged over 66% in the last 24 hours.
This kind of ecosystem-wide rally suggests that the announcement is being treated not just as a governance change but as a long-term bullish catalyst for the entire TON network.
Technical outlook: Overbought but holding strong
From a technical standpoint, TON broke through several short-term resistance levels in a matter of hours. The Relative Strength Index (RSI) on the 14-period reading has climbed above 72, which is traditionally considered overbought territory. While this signals strong momentum, it also raises the possibility of a short-term pullback or consolidation phase.
The key support level to watch on any pullback sits around the $1.65 mark, which aligns with the 38.2% Fibonacci retracement. If TON holds above this level, analysts expect a retest of the $1.84 swing high and a potential push toward the $1.98 Fibonacci extension level.
On the flip side, a break below $1.65 could open the door for a deeper correction toward the $1.54 to $1.60 support zone.
It is worth noting that the broader crypto market was largely flat on the day, with Bitcoin and Ethereum showing minimal movement. This makes TON’s move even more notable, as it was entirely driven by an ecosystem-specific catalyst rather than wider market conditions.
All eyes are now on whether Telegram follows through on its two to three week rollout timeline and whether the buying pressure can sustain at these elevated levels.
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