TON, the Telegram-backed cryptocurrency ecosystem, endured a weak 2025 as the token slid about 65% from its early-year highs. By the end of December, positive signals emerged that could underpin a rebound in the first quarter of 2026. Trading activity surged, with TON’s daily volume topping USD 154 million in the third week of December, up more than 41.7% and marking the period’s highest level.
The price has largely hovered around USD 1.4 in recent days, and the combination of rising volume and a slowing pace of declines points to renewed buying interest. On-chain metrics also supported a more positive tone. Although TON’s daily active users were down versus 2024, the decline appears to be stabilizing, with roughly 70,000 to 100,000 users in the past three months.
Meanwhile, the TON price fell from around USD 3 to USD 1.4, creating a notable price-to-activity divergence that traders are watching for signs of a rebound. Investors say the gap may reflect a recovery in confidence and potential undervaluation of TON. At Blockchain Life in October 2025, Telegram founder Pavel Durov said Telegram would take a more active role in TON’s core technology development in 2026.
In December, Durov announced the launch of Cocoon, a distributed secure computing network that lets GPU holders earn TON by providing computing power. Investors expect Telegram and Durov to continue expanding TON to reach up to 1 billion monthly users. “In 2026, Telegram will devote more resources to TON development, and I expect a strong year for the ecosystem,” said an investor.
Another milestone emerged as Kraken announced xStocks platform support, enabling TON users to buy, hold, and transfer tokenized U.S. stocks and ETFs within the Telegram-native chain. xStocks described the integration as bringing tokenized stock markets to TON. This flow is a positive signal for TON’s rebound prospects, though the bottom price remains challenging to determine amid mixed macro signals.
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