Toncoin (TON) is down over 75% from its 2024 high and over 65% from its 2025 high. Investors have accused Telegram of selling an amount equivalent to about 10% of TON’s circulating market capitalization.
Analysts are divided on the impact of this move. At the same time, Toncoin’s growth is more closely tied to Telegram-related news.
sponsored
Critics blame Telegram for Toncoin’s poor price performance
According to a recent report in the Financial Times, Telegram sold over $450 million worth of Toncoin in 2025. This revelation sparked a heated debate among analysts and the crypto community.
Concerns quickly emerged about the motives behind the sale. Critics claim that the main purpose was to fund Telegram’s corporate operations rather than directly supporting the TON ecosystem. This raises questions about the long-term value accrual for TON holders.
Some investors claim that this selling activity led to stagnation in TON’s price performance.
“Oh my god, no wonder TON is down 66%,” said investor 0xGeeGee.
sponsored
Investor Mike Dudas compared the situation to Pump.fun, which spent $225 million buying back its own tokens to highlight the difference in strategy.
The FT report also pointed out that Telegram’s approximately $500 million in Russian government debt was frozen due to Western sanctions. This detail suggests that Telegram still faces financial risks to Russia. This information amplified investors’ doubts about Telegram’s financial independence.
Negative news surrounding Telegram can have a lasting and significant impact on Toncoin’s price. Previously, Telegram CEO Pavel Durov described TON as the economic backbone of the Telegram platform.
sponsored
What do Telegram’s defenders say?
In response to these concerns, Manuel Stotts, executive chairman of TON Strategy Co (NASDAQ: TONX), refuted the criticism.
He emphasized that Telegram continues to work on the TON blockchain. He revealed that all TONs sold will be subject to a four-year vesting period. The biggest buyer is TON Strategy Co itself, a permanent capital vehicle designed to accumulate, hold and hold TON in shares rather than selling it on the market.
Meanwhile, CoinGecko reported that TON Strategy is currently suffering losses. The company currently holds over 4% of the total supply of TON, valued at over $406 million, and has spent $713 million to accumulate the position.
sponsored
Contributor DamX supported this defense, arguing that Telegram’s sales represent an effort to balance the ecosystem rather than an exit. He argued that excessive TON accumulation by Telegram hinders decentralization. A controlled sale to a long-term buyer with lock-up and vesting is presented as a healthier alternative.
“Telegram sells TON, not because it wants to, but because it has to. Advertising, revenue sharing, username minting and upgrades, gifts, premiums, stars, and other in-app payments are all settled through TON in some way. As Telegram scales, it will naturally accumulate TON from these flows,” DamX said.
Regarding his alleged financial exposure to Russia, Pavel Durov denied the allegations, saying the information was inaccurate.
Ultimately, the reliability of these defenses may be tested by whether TON’s price recovers in 2026 and whether investor confidence returns to altcoins.
