Whale韭阴针鲸0628
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From "King of Traffic" to "Typical Collapse": The Fall of TON in 2025
Once upon a time, TON was the hottest "traffic myth" in the crypto market—backed by Telegram's 900 million user ecosystem, it peaked upon launch, with a market value once soaring to $2.517 billion and a price reaching a historical high of $8.25. The market shouted, "TON will reconstruct the Web3 traffic entrance," and countless investors went crazy buying into its narrative of "social media + public chain."
However, the TON of 2025, suffered a near-halving crash, becoming a typical example of the industry's "collapse." As of mid-December, its price struggled in the $1.6 range, down more than 72% from its historical high; its market value was halved again to just $864 million; the total value locked (TVL) plummeted by 80% to only $14 million. From being widely sought after to being ignored, TON's fall was not accidental but rather an inevitable result of multiple severe issues such as chips, ecology, liquidity, and compliance converging.
However, the TON of 2025, suffered a near-halving crash, becoming a typical example of the industry's "collapse." As of mid-December, its price struggled in the $1.6 range, down more than 72% from its historical high; its market value was halved again to just $864 million; the total value locked (TVL) plummeted by 80% to only $14 million. From being widely sought after to being ignored, TON's fall was not accidental but rather an inevitable result of multiple severe issues such as chips, ecology, liquidity, and compliance converging.
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