With Telegram boasting 1 billion users and its TON cryptocurrency, it is no wonder that they could stand at the pinnacle of the world. However, like many cryptocurrencies, TON has faced strong headwinds from the 'crypto winter' over the past year and has not delivered remarkable results.
From the peak in 2024, the blockchain's TVL (total value locked) has decreased by about $70 billion. Will TON meet its end like this, or will it achieve an astonishing comeback?
The Tragedy of Toncoin
According to data aggregation site CoinGecko, the price of TON has fallen by 67% over the past year. This can be considered a significant cooling for TON.
Once influenced by meme coins from Telegram, Notcoin and Hamster Kombat, Toncoin recorded its all-time high of over $8 in June 2024.
While the price of TON is not as strong as during the boom period in 2024, progress is still being seen in the development aspect within the Telegram ecosystem.
In July 2025, the regulatory environment in the United States improved, allowing the use of the Telegram wallet in the U.S.
In November 2025, Coinbase finally began handling TON, which is seen as a consideration for the approximately 100 million Telegram users in the U.S.
And now, as we welcome 2026, Telegram is strengthening its stance on incorporating generative AI and TON into future businesses.
The presence of vast DAT.
As proof that TON has matured, multiple Digital Asset Treasuries (DAT) are now functioning within related ecosystems. Among them, the famous is TON Strategy led by Manuel Stotz (NASDAQ: TONX).
Furthermore, AlphaTON (NASDAQ: ATON) also exists, renamed from the former Portage Biotech in September 2025. It is expected to lead the evolution of TON and AI.
At the center is the decentralized protocol Cocoon AI announced by Telegram's CEO Pavel Durov at the end of 2025.
AlphaTON has signed a $46 million contract to secure NVIDIA GPUs. It is strengthening its competitiveness against centralized companies like OpenAI and xAI while supporting the expansion of decentralized AI networks.
"In my view, most of the world's largest super apps are equipped with their own AI," said AlphaTON's CEO Brittany Kaiser to BeInCrypto.
The significant difference between centralized AI and decentralized AI supported by cryptocurrencies lies in their ability to build independent economic spheres.
Organizations like AlphaTON provide computing services to developers who want to develop applications utilizing Cocoon AI within Telegram.
However, it is noteworthy that using Cocoon AI requires payment via TON. This is similar to the Bittensor-type economic design, where miners provide decentralized AI resources and users pay with Bittensor's native token TAO.
Decentralized AI economic sphere.
Adding economic value to cryptocurrencies like TON and increasing their demand becomes a factor pushing prices up. Mr. Anthony Scaramucci, the founder of Skybridge Capital and a strategic advisor, mentioned in an interview with BeInCrypto that this is attractive.
Mr. Scaramucci served as White House Director of Communications for President Trump's first administration for "10 days, or rather, 'like 954,000 seconds'" (his words). He is actively involved in various cryptocurrency projects and is not pessimistic about the market downturn.
Price trends of Bitcoin over the past year Source: CoinGecko
"Honestly, the entire cryptocurrency market, especially Bitcoin, faced a tough 'crypto winter' on October 10," Mr. Scaramucci told BeInCrypto.
Skybridge has become a major supporter of TON, continuing its backing even before the cryptocurrency market faced significant turmoil recently.
"I believe in the multi-chain society and the role of multi-chain," said Mooch, who thinks he can contribute strategically to AlphaTON's efforts. "I have been contracted as a strategic advisor. We provide marketing support and assist in network building."
AlphaTON's CEO Kaiser envisions a bright future for the synergy between TON, Telegram, and AI. He states that Telegram's custodial wallet is a major driving force of the next-generation economy that completes everything within the app.
"Telegram has over 1 billion active users monthly, and the number of wallet users exceeds 200 million," noted CEO Kaiser.
Utilization of AI in super apps.
Considering the actual applications of consumer-oriented generative AI products, excluding OpenAI's ChatGPT, many are deployed within existing services.
Google's Gemini is already integrated into search services. XAI is running X's Grok, and Meta AI operates within Facebook, WhatsApp, and Instagram.
"In my observation, many of the major super apps in the world have their own AI," stated CEO Kaiser.
Telegram's Cocoon AI started without much buzz, but it has room for growth within the 'super app' platform of Telegram. A 'super app' is a term for multifunctional applications, and Telegram fits this description.
This is the strategy of AlphaTON, according to CEO Kaiser.
"We conducted our initial PIPE fundraising for the purchase of TON treasury. We are staking and validating TON to earn returns," he explained.
According to data aggregation site AI Statistics, the AI industry is expected to grow to a scale of $900 billion by 2026.
"Now, we have also gained a new way to provide GPUs for AI and earn TON. The revenue gained is also being staked to earn TON returns." In other words, AlphaTON is exactly TON on TON on TON.
Optimism for generative AI continues.
The cryptocurrency industry is seeking companies that generate revenue against the backdrop of expanding generative AI. Public companies like DAT must secure profits to survive, and many are diversifying their business areas, with AlphaTON's entry into AI business being one example.
The boom of AI and 'agents' that handle operations with cryptocurrencies like TON attracts investors looking beyond the downturn in the foreign exchange market.
"I consider it a great opportunity. In fact, many third-party app developers on Telegram are creating new DeFi products, and there are many cases where AI agents make financial transaction decisions and even execute them within the app," said CEO Kaiser.
Mr. Scaramucci also believes he can contribute to this diversification strategy.
"If some investment projects emerge here, they will ultimately flow into AlphaTON, which we will manage," he told BeInCrypto.
From a longer-term perspective, everything is cyclical. Mr. Scaramucci sees AlphaTON ultimately becoming a presence that carries diverse investments within the Telegram and TON ecosystem, returning to the glory of TON in 2024.
"First, we will make a plan, and over the next 24 to 36 months, we will become a quite solid company with robust operating profits and significant growth," emphasized Mr. Scaramucci.
