$TON ‌ 10x gains! Keep up and continue to eat the meat while the sky’s rising! Still at a high level! Keep adding to your short position!!

The reasons for shorting are as follows:
1. A valuation of 30 billion USD—has never had anything to do with TON
The Telegram valuation of 30 billion USD that’s been repeatedly hyped in the market is a pricing of the entire social empire. It has absolutely nothing to do with the TON public chain.
Telegram is a genuinely profitable private company: in 2024, revenue exceeded 1 billion USD; in 2025, its target is 2 billion USD. The 900–1,000 million monthly active users support its advertising and subscription businesses. Simply applying the parent company’s valuation directly to TON is like using Tencent’s market cap to price a certain mini-game token—purely a scam based on swapping concepts.
2. The parent company’s valuation shrinks, and TON will fall even harder
Affected by the market environment, a decline in peer valuations, fluctuations in the Toncoin price, and legal risks, investment banks and Forbes have already downgraded Telegram’s actual valuation. Founder Durov’s personal net worth has also fallen from about 17 billion USD to 6.6 billion USD.
As a purely speculative asset within the ecosystem, TON’s volatility is far greater than that of the parent company. When Telegram’s valuation is revised downward, TON will not become a safe haven; instead, it will become a decline amplifier. The so-called “binding dividend” is, in essence, binding an even larger downside risk.
3. Telegram’s user and revenue upside is not for TON to get a slice
Telegram’s 900–1,000 million monthly active users and the 2 billion revenue target are results of its core businesses—advertising, paid subscriptions, and the like—and have no direct revenue sharing with TON’s tokens or applications.
“More users ≠ TON can make money,” “Ecosystem binding ≠ solving real problems.” These stories can only attract speculative capital and cannot support the current valuation. Once Telegram’s hype fades, the first thing the money will abandon is the TON ecosystem, which has no actual revenue support.
4. Meme-coin frenzy is mortgaging the future—bubbles can burst at any time
Recently, meme coins in the TON ecosystem have surged. It looks like the ecosystem is thriving, but in reality it’s a “drum-beating and passing-the-parcel” pump-and-dump with fast in-and-out capital.
A large amount of zero-cost chips are being dumped wildly on the back of the hype. You think it’s the main breakout wave, but it’s actually a “deadly bull trap” where someone is distributing chips to you. When the hype is over, without any real applications and revenue support, the TON ecosystem will fall faster and harder than Telegram.
Hurry up and keep adding to your short position ⬇️⬇️⬇️#Gate广场五月交易分享