I was heavily bullish on $TON in 2024 when it hovered around the $5–$7 range and Telegram was approaching 1 billion monthly active users.

The opportunity looked obvious — Telegram had one of the largest untapped retail ecosystems in tech, and $TON was the only blockchain tied directly to that audience.

But with time, my conviction started fading.

Telegram never seemed to go all in on TON. We got mini apps, tap-to-earn trends, and some ecosystem growth, but it still felt like the integration lacked real commitment from the top.