Toncoin (TON) has dropped more than 75% from its 2024 peak and over 65% from its highest level in 2025. Investors blame Telegram for selling an amount equivalent to approximately 10% of TON's circulating market value.
Experts are divided on the implications this will have. Meanwhile, Toncoin's growth has become increasingly tied to news related to Telegram.
Critics blame Telegram for Toncoin's weak price performance
A fresh Financial Times article stated that Telegram sold Toncoin for over $450 million in 2025. This revelation sparked an intense debate among experts and the crypto community.
Rapid concerns arose about the motivation behind the sale. Critics argue the primary purpose was to fund Telegram's operational expenses rather than support the TON ecosystem. This has raised questions about the long-term value development for TON holders.
Some investors claim that the selling activity has contributed to TON's stagnant price development.
"Holy schmolly, no wonder TON has dropped 66%," said investor 0xGeeGee.
Investor Mike Dudas compared the situation to Pump.fun, which used $225 million to buy back its own token, highlighting the difference in strategy.
The FT report also noted that around $500 million in Telegram's Russian bonds have been frozen due to Western sanctions. This indicates that Telegram still has economic exposure to Russia. The information has increased investors' doubts about Telegram's economic independence.
Negative news surrounding Telegram could have a lasting and significant impact on TON's price. Previously, Telegram's CEO Pavel Durov described TON as the economic backbone of the Telegram platform.
What do Telegram's defenders say?
In response to the concerns, Manuel Stotz, chairman of TON Strategy Co (NASDAQ: TONX), stepped forward to address the criticism.
He emphasized that Telegram remains committed to TON's blockchain. He clarified that all TON being sold is subject to a four-year lock-up period. The largest buyer is TON Strategy Co itself, a company established to accumulate, hold, and stake TON, rather than sell them on the market.
Meanwhile, CoinGecko reported that TON Strategy is currently at a loss. The company owns over 4% of TON's total supply, now valued at over $406 million, while spending $713 million to build its position.
Contributor DamX supported the defense and argued that Telegram's sale is not an exit, but an attempt to balance the ecosystem. He claimed that excessive TON accumulation by Telegram would hinder decentralization. Controlled sales to long-term buyers with lock-up periods and allocation are described as a healthier alternative.
"Telegram is selling TON because they have to, not because they want to exit. Ads, revenue sharing, minting, username upgrades, gifts, Premium, Stars, and other in-app payments are processed in some way via TON. As Telegram grows, they naturally accumulate TON from these streams," said DamX.
Regarding the alleged economic exposure to Russia, Pavel Durov rejected the claim and said the information was inaccurate.
Ultimately, the credibility of these arguments will be tested if TON's price rebounds in 2026 and investors regain confidence in the altcoin.