The cryptocurrency market witnessed a significant shift this week as Toncoin (TON) fell out of the top 10 most valuable digital assets by market capitalization. This sudden drop—over $7 billion in value—was not the result of a market crash or investor panic, but rather a technical correction in how TON’s circulating supply is now being reported.
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Why Did TON’s Market Cap Drop So Suddenly?
In a recent announcement via Telegram, The Open Network revealed that data aggregators such as CoinGecko would begin calculating Toncoin’s market cap using a more accurate and industry-standard definition of circulating supply. Specifically, the updated figures exclude large holdings previously counted in circulation, including those owned by:
- Telegram
- The Open Network Foundation
- The TON Believers Fund
These reserves were previously included in public market cap calculations, inflating the asset’s perceived availability and valuation. With this change, only tokens actively available to the open market are now considered—aligning TON’s reporting with widely accepted practices used across other major blockchains.
As a result, Toncoin’s market cap plummeted from over $22 billion to approximately $15.6 billion almost overnight. This placed it just behind Cardano (ADA), which reclaimed its position as the 10th largest cryptocurrency with a current valuation of $15.8 billion.
Industry Alignment and Transparency Efforts
The Open Network emphasized that this update follows an in-depth review of blockchain data and aims to bring greater transparency to TON’s ecosystem. By adhering to standard definitions of “circulating supply,” the project hopes to improve credibility among investors, analysts, and price-tracking platforms.
While the exact entity managing tontech.io remains unclear, the website links to ton.org—the central hub for TON’s decentralized community. Here, governance is distributed among several key groups:
- TON Foundation
- TON Society
- Independent Developer Collectives
This decentralized structure underscores the network’s evolution from its origins as a Telegram-led initiative to a fully community-driven blockchain.
Competitive Dynamics: TON vs. Cardano
The fluctuation between TON and Cardano for a spot in the top 10 highlights how critical accurate data representation is in the highly competitive layer-1 blockchain space. With over 14,500 cryptocurrencies tracked by CoinGecko alone, ranking within the top tier brings increased visibility, trust, and investment interest.
Earlier this week, TON briefly overtook ADA in market cap, sparking debate within the Cardano community. Chris O’Connor, co-founder of the Cardano Ghost Fund, took to social media (X, formerly Twitter) to accuse The Open Network of artificially inflating its market cap by including non-circulating tokens.
"They’ve been caught red-handed pumping their numbers," O’Connor claimed in a now-viral post.
While The Open Network has not publicly addressed these allegations, the proactive adjustment to supply reporting suggests an effort to correct past inaccuracies and foster long-term legitimacy.
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From Telegram’s Vision to Community-Led Growth
TON’s journey has been anything but linear. Originally conceived by Telegram as the Telegram Open Network, it aimed to integrate blockchain directly into one of the world’s most popular messaging apps. However, in 2020, the U.S. Securities and Exchange Commission (SEC) filed charges against Telegram, alleging unregistered securities offerings through the sale of “Grams”—the precursor to Toncoin.
The legal battle ended with Telegram returning $1.2 billion to investors and paying an $18.5 million civil penalty. The company officially stepped away from the project.
Despite this setback, a global community of developers continued building on the open-source framework. Today’s TON blockchain uses the original technology designed by Telegram but operates independently under decentralized governance.
Interestingly, Telegram has recently re-engaged with the ecosystem. In September 2024, the platform announced it had adopted TON as its official Web3 infrastructure. Around the same time, the TON Foundation registered as a Swiss non-profit, reinforcing its commitment to neutrality and decentralization.
More recently, Telegram began leveraging TON to share ad revenue with channel operators through cryptocurrency payouts—a move that has significantly boosted adoption and utility.
Price Surge Driven by Ecosystem Innovation
Despite the recent market cap correction, Toncoin’s price performance over the past year remains impressive. The asset has surged more than 240%, reaching $6.49 at the time of writing.
A major catalyst behind this growth has been Notcoin (NOT)—a viral Telegram-based game where users earn tokens by tapping a digital coin repeatedly. Notcoin exemplifies how lightweight, gamified applications can drive mass engagement on blockchain platforms.
Not only did Notcoin set new all-time highs, but it also introduced millions of Telegram users to crypto wallets and decentralized finance concepts—many for the first time. This seamless onboarding experience highlights TON’s strategic advantage: deep integration with a platform boasting over 800 million active users.
Core Keywords Integration
Throughout this analysis, several core keywords naturally emerge due to their relevance and search demand:
- Toncoin (TON)
- Market cap update
- Circulating supply
- The Open Network
- Telegram blockchain
- Crypto price tracking
- Decentralized ecosystem
- Web3 infrastructure
These terms reflect both user search intent and the evolving narrative around transparency, decentralization, and real-world utility in modern blockchain projects.
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Frequently Asked Questions
Q: Why did TON lose so much market cap overnight?
A: The drop wasn’t due to selling pressure or price collapse. Instead, data aggregators updated TON’s circulating supply to exclude locked or institutional holdings—bringing its reported market cap in line with industry standards.
Q: Is Toncoin still a top 10 cryptocurrency?
A: As of now, TON is slightly below Cardano (ADA) and not officially in the top 10. However, with a market cap around $15.6 billion, it remains one of the most valuable digital assets globally.
Q: Who controls The Open Network today?
A: While originally developed by Telegram, TON is now maintained by a decentralized community of developers and governed by entities like the TON Foundation and TON Society.
Q: Did Telegram abandon TON permanently?
A: No. After stepping away in 2020 due to SEC pressure, Telegram has since embraced TON again—adopting it as its official Web3 infrastructure and using it for ad revenue sharing.
Q: How does circulating supply affect market cap?
A: Market cap = price × circulating supply. If supply is overstated (by including non-tradable tokens), market cap appears higher than it should be. Accurate reporting ensures fair valuation.
Q: Can games like Notcoin really impact a blockchain’s success?
A: Absolutely. Notcoin brought millions of new users into the TON ecosystem through simple, fun interaction—proving that user-friendly dApps are crucial for mainstream adoption.
Final Thoughts
The recent recalibration of Toncoin’s market cap serves as a reminder that transparency matters in crypto. While short-term rankings may shift, long-term success depends on honest data, real utility, and organic growth.
With strong backing from Telegram’s user base, innovative applications like Notcoin, and a clear move toward standardized reporting, The Open Network is positioning itself not just for visibility—but for sustainability in the next era of Web3.