In our original thesis on $TON presented in September 2023, a plunge into the deep, we laid out the milestones that should be achieved to escape the ongoing price stability and demystify the large valuation. At the time $TON had silently broken through the top 10 tokens by market cap, sitting above $SOL on the market cap ranks despite moving sideways during the majority of 2023.

Source: Tradingview – $TON is up >250% since the original thesis.

Tonchain, powered by the $TON token, has now fully repriced. The association with Telegram and, more importantly, the adoption of stablecoins, have been the catalyst to fuel a zero-to-one moment.

Source: Kaito.ai – $TON continues to stay close to all-time-highs despite the ups and downs in sentiment, rapidly recovering after the initial hype wave that was spurred by Pavel Durov in Dubai’s Token2049.

Previously perceived as a chain where nothing was really going on, the general sentiment was that $TON was highly overvalued and that its high status was only the side effect of being associated with the Telegram brand – and that’s where most crypto natives spend their time interacting to foster new partnerships and stay on top of the latest information.