‍#Gate广场五月交易分享

A public chain deeply integrated with Telegram—Analysis of the Top Gainers: TON
To talk about the most popular public chain project recently, I believe it’s none other than Ton. Today’s DOGS is its on-chain project. The unique aspect of TON is that it is not just a blockchain but an ecosystem deeply linked with the world's largest communication platform, Telegram. Let’s take a look at it today.
1. Basic Fundamentals
TON (The Open Network) is a next-generation blockchain platform focusing on speed, security, and scalability. Its core design philosophy is to handle millions of transactions per second when necessary, while maintaining user and service provider friendliness.
TON’s history dates back to 2018, when Telegram founder Pavel Durov launched the TON project and raised $1.7 billion, but it was later halted due to legal proceedings by the U.S. SEC. In 2020, community developers took over the project and continued development, transforming TON from "Telegram’s blockchain" to "Telegram ecosystem’s blockchain." In May 2026, a fundamental shift occurred—Durov officially announced that Telegram would replace the TON Foundation as the main driving force and largest validator of TON, which is the second step in the MTONGA roadmap’s 7 steps.
TON’s technical architecture adopts an "infinite sharding" design, achieving horizontal scalability through dynamic sharding mechanisms, theoretically capable of infinitely increasing throughput as demand grows.
Core application scenarios in the TON ecosystem include: Mini App ecosystem within Telegram, TON Space wallet, on-chain payments (USDT issuance on TON has exceeded 1 billion), DeFi protocols (staking, lending, DEX), and recently launched AI agent functions (TON Tech launched on April 28th, capable of autonomously executing on-chain transfers, swaps, DeFi, and staking operations via AI agents).
2. Current Market Overview
TON’s current price is $1.8151 USDT, with a 24-hour surge of 30.36%, intraday fluctuation range of 1.3635 — 1.8742. 7-day increase of 37.35%, 30-day increase of 46.85%, 90-day increase of 44.06%, with a very strong short-term upward trend. Market cap is approximately $4.85B, ranked 27th, making it a mid-cap token.
24-hour trading volume is about 15.6 million USDT, with a trading volume of 9.03M TON tokens. Contract holdings increased by 22.36% over 24 hours (from 189.5 million to 231.9 million tokens), with highly intense leverage trading. The Fear & Greed index has risen to 50, indicating market sentiment has shifted from fear to neutral leaning towards greed.
Social sentiment is extremely optimistic: 85% positive, 15% negative, with a sentiment score of 70%, dominated by bullish sentiment. Discussion activity has surged—posts in the past 3 days increased by 75% compared to the previous 4–6 days (89 vs. 51).
3. Recent Major Events and Catalysts
Event 1: Telegram officially takes over TON (most core catalyst)
On May 4–5, Durov officially announced that Telegram will replace the TON Foundation as the main driving force and largest validator of TON. This means TON is shifting from a "community-driven blockchain" back to an "officially supported Telegram blockchain," backed by the world's largest communication platform with 900 million monthly active users. Related technical upgrades will be launched within 2–3 weeks. This is the most direct catalyst for the recent surge—Telegram’s official endorsement provides unprecedented credibility and user reach for TON.
Event 2: Transaction fees reduced by 6 times to near zero
After a validator vote, TON network transaction fees have been reduced by about 6 times. Sending TON now costs approximately $0.00052, and USDT transfer costs about $0.00142. The near-zero fees significantly lower the user entry barrier, laying the infrastructure foundation for explosive growth in micro-payments, on-chain DeFi, and Mini App ecosystems.
Event 3: TON Tech launches AI agents
On April 28, TON Tech launched AI agents capable of autonomously executing on-chain transfers, swaps, DeFi, and staking operations without user private key interaction. AI + blockchain narratives are among the hottest tracks in 2026, and TON’s deployment in this field adds extra narrative premium.
Event 4: Mainnet validator rules update
On May 2, TON officially released an update to mainnet validator rules, raising the minimum staking threshold from 824k to 1 million tokens, and the maximum from 1.5 million to 3 million tokens. Increasing the staking threshold means validators need to hold more TON to participate in network maintenance, which will boost staking demand and reduce circulating supply, providing structural support for the token price.
4. Technical Analysis
Trend Signals
The trend is extremely strong. The 4-hour ADX is 49.73 (PDI=53.53, far greater than MDI=1.68), and the daily ADX is similarly very high, indicating a strong upward trend among all analyzed tokens. From 15-minute to daily charts, all moving averages are in a bullish alignment—MA7 > MA30 > MA120 across all timeframes, indicating a consistent upward trend.
The 4-hour PDI (53.53) versus MDI (1.68) shows a huge gap (about 32 times), meaning the upward momentum almost completely dominates the downward, with bulls holding absolute control. Such extreme PDI/MDI ratios rarely appear in normal markets and are often associated with major bullish catalysts leading to rapid surges.
Bollinger Bands are opening upward, and the price is far above the upper band—current price at 1.7928 is about 10.5% above the Bollinger upper band at 1.6220, with a bandwidth of 0.4883 far exceeding the 20-day average bandwidth of 0.2828. The price breaking above the upper band indicates strong momentum.
24-hour volume surge—trading volume is about 37 times the 7-day average (15.42M vs. 41,500 USDT), indicating significantly increased capital participation. Unlike DOGS, where the price rise was accompanied by shrinking volume, TON’s rapid surge is supported by ample funds, making the rally more credible.
Comparison with DOGS overbought condition
Both TON and DOGS are in extreme overbought states, but their overbought natures differ significantly:
TON has volume support—trading volume is 37 times the 7-day average, driven by real funds; DOGS’s price rise is accompanied by shrinking volume, only 1/650 of the 7-day average, lacking fund support.
TON has fundamental catalysts—Telegram takeover + fee reduction + AI agents + staking threshold increase, multiple substantial positive factors stacking up; DOGS’s catalysts mainly come from Revolut listing and spillover effects from the TON ecosystem.
TON’s market cap is larger—$415k (rank 27) vs. DOGS’s $37.39 million (rank 576), with more liquidity and relatively controlled volatility.
This means that although TON’s overbought condition is severe, it has higher "value"—supported by funds and fundamentals, so the correction may be relatively mild; whereas the overbought state lacking support could see sharper declines.
5. Trading Strategy Recommendations
Short-term (1–3 days)
TON is in a state of "extremely strong trend + severe overbought + volume surge + major catalysts." Unlike DOGS’s false overbought, TON’s surge is supported by real funds and fundamentals, making its overbought condition more meaningful.
However, extreme overbought conditions almost always lead to technical corrections. Currently, it’s not advisable to chase the high. If you already hold TON, consider partial profit-taking—at the 4-hour RSI=91, a correction could happen at any time. Protect your realized gains rather than chasing more unrealized profits.
If you don’t hold TON but want to buy in, wait for a correction to the 4-hour support zone. The 4-hour MA7 (~1.61) and MA30 (~1.40) are potential support levels. Once the overbought indicators are digested, the risk-reward ratio of entry improves.
Negative funding rate (-0.000076) favors long positions—holders can earn funding during the position, an additional advantage for long TON.
Mid-to-long-term (1–3 months)
TON’s medium to long-term outlook improves significantly with Telegram’s takeover catalyst. Reach of 900 million users + near-zero fees + staking threshold increase + AI narrative form a strong bullish case. The subsequent steps in the MTONGA roadmap will be key variables for the medium-term trend.
However, the current surge is mainly driven by news catalysts rather than actual ecosystem activity growth. It takes time for catalysts to translate into real use cases, and there may be expectations gaps and corrections along the way. Investors with a medium to long-term bullish view should focus on actual ecosystem data rather than just narratives.