People might think that with one billion users, Telegram and its TON cryptocurrency will become world champions. But like many other cryptocurrencies, TON has not performed well over the past year as the crypto winter seems to be hitting harder.
This blockchain has lost nearly US$700 million in total value locked (TVL) since its peak in 2024. So, is TON dead or will it make the biggest comeback?
Toncoin Tragedy
Based on data from CoinGecko, the price of TON has dropped 67% over the past year. This decline is quite sharp for TON.
Previously, Telegram-based meme coins like Notcoin and Hamster Kombat had pushed Toncoin's price to an all-time high above US$8 in June 2024.
Although TON's price is not as good as during its peak in 2024, development within the Telegram ecosystem continues to move forward.
The supportive environment in the United States allows Telegram Wallet to finally be accessible to American citizens in July 2025.
In November 2025, Coinbase finally listed TON on its exchange, likely because the messaging app has about 100 million users in the US.
Now, as 2026 unfolds, Telegram brings AI and also TON for the future.
A TON of DAT-titude
A sign that TON is maturing is the presence of several Digital Asset Treasuries or DATs operating within its ecosystem. The most well-known is TON Strategy (NASDAQ: TONX), managed by Manuel Stotz.
But there is also AlphaTON (NASDAQ: ATON), which changed its name from Portage Biotech in September 2025 and is expected to lead the evolution of TON-AI.
At the center of this innovation is the decentralized Cocoon AI protocol, which Telegram CEO Pavel Durov announced at the end of 2025.
AlphaTON supports the expansion of the decentralized AI network, one of which includes securing a US$46 million deal for NVIDIA GPUs to compete with centralized players like OpenAI and xAI, among others.
“In my opinion, when I look at the biggest super apps in the world, most of them have their own AI,” said AlphaTON CEO Brittany Kaiser to BeInCrypto.
The significant difference between many centralized AI players and decentralized crypto-based AI players is the self-sustaining economy they create.
Organizations like AlphaTON provide computing services for developers who want to build Cocoon AI-based applications on Telegram.
Then, with the new concept, to access Cocoon AI, developers must pay for services with TON. This is similar to the Bittensor economic model where miners provide decentralized AI computing power, but users are required to pay for services using Bittensor's native token, TAO.
Decentralized AI Economy
Building economic value for crypto assets like TON by increasing demand can boost its price. AlphaTON along with strategic advisor and Founder of Skybridge Capital Anthony Scaramucci conveyed this to BeInCrypto, which he finds very interesting.
Having served as White House Communications Director during the first Trump administration for ten days, or, “yes, actually just a few seconds – precisely 954,000 seconds,” as Scaramucci often says, he is heavily involved in various crypto asset projects and remains undeterred despite a sluggish market.
Bitcoin price performance over the past year. Source: CoinGecko
“Honestly, we were hit by a dark winter on October 10 for all crypto assets, including Bitcoin,” Scaramucci explained to BeInCrypto.
His company, Skybridge, became a major supporter of TON – even long before the latest upheaval in the crypto world occurred.
“I believe in a cross-chain community and the role of cross-chain.” Mooch is confident that he can help AlphaTON's strategic efforts. “I joined as a strategic advisor. We provide marketing support. We also provide network support.”
Kaiser, CEO of AlphaTON, envisions a bright future for the synergy of TON-Telegram-AI. She mentions the custodial Telegram Wallet as a driver for the next generation economy that could eventually operate entirely within the app.
“There are more than one billion active monthly users on Telegram, and more than 200 million people use wallets,” Kaiser explained.
AI in Superapp
When talking about the real-world use of artificial intelligence products for consumers, most of these services, except for ChatGPT from OpenAI, are present within existing services.
Gemini from Google is already integrated into Search products, XAI powers X's Grok, and Meta AI is used in Facebook, WhatsApp, and Instagram.
“In my opinion, when looking at the largest super apps in the world, almost all of them have their own AI,” Kaiser stated.
Although Telegram's Cocoon AI received little attention at launch, it has the potential to grow within the “superapp” Telegram platform — a popular term for multifunctional applications like Telegram.
According to Kaiser, this is AlphaTON's strategy.
“We conducted the first PIPE fundraising to buy TON treasury, which is used for staking, validation, and earning TON yield,” he said.
AI industry is expected to grow more than US$900 billion by 2026, according to data from AI Statistics.
“Now, being able to earn TON by providing GPU for AI is another way for us to acquire TON. Then we also stake from this income to earn TON yield.” So, AlphaTON essentially is TON on top of TON on top of TON.
Keeping Everything AI Rosy
Crypto assets, along with the emergence of AI, are indeed looking for companies that can generate revenue. DAT, being a public entity, must generate income to survive, leading many to diversify into other business lines — like AlphaTON's move into AI.
The surge in interest in AI and “agents” capable of performing tasks and receiving crypto assets like TON is appealing to some investors who prefer to look towards a bright future rather than the sluggish market conditions.
“I think this is a great opportunity, and I see many third-party app developers on Telegram creating new DeFi products, where AI agents can create or execute financial transactions for you in the app,” Kaiser added.
Scaramucci also feels he can assist in this diversification.
“Hopefully, there will be some investments here that might come into the AlphaTON vehicle that is our responsibility,” he told BeInCrypto.
All of this feels cyclical for many investors looking at the long term. Scaramucci sees AlphaTON as a diverse investor in the Telegram and TON ecosystems, and believes that ultimately AlphaTON can return to TON's golden age in 2024.
“In my opinion, we will start with a plan and in the next 24 to 36 months, we will have a strong company with substantial net operating income and rapid growth,” Scaramucci added.
