Toncoin doubled in price after Telegram announced plans to lead the TON network. The move positions the messaging app as the chain's main driver and largest validator. Traders viewed the shift as Telegram integrating the blockchain into its operations.
Toncoin rose from about $1.32 on May 1 to an intraday peak of $2.90 by May 7. This pushed its market capitalization to roughly $7.8 billion. The increase followed an announcement from Telegram founder Pavel Durov that the company would replace the TON Foundation as the network's primary force and become its biggest validator within two to three weeks. The ton.org domain was also updated to show control by MTONGA.
