If you purchased and held TON coin at the start of February 2024, your holdings would have been up over 300% at its peak in June of the same year. This impressive performance was backed by robust growth within the TON network, largely driven by the gold rush towards play to earn games.
TON coin soared as high as $8.2 during its peak but it has since pulled back and almost given up all its 2024 gains. The TON crypto exchanged hands at $3 at press time which was equivalent to a 62% discount from its peak.
TON coin price action/ source: TradingView
But could this massive discount also underscore opportunity for recovery? The answer to that question largely depends on how the native network will perform. The aggressive demand for the TON crypto in 2024 was largely tied to its native network’s performance.
A Look at How TON Network has Been Fairing Compared to its Peak
TON saw significant growth in key areas in 2024. This includes key areas such as DEX performance with DEX volume peaking above $192 million in November 2024.
DEX performance in 2025 has so far been a fraction compared to its peak levels last year. For context, daily DEX volume dropped to lower than $6 million since mid-May.
TON DEX volume and TVL/ Source: DeFiLlama
TON’s TVL offered a much clearer picture of how the network performance has cooled down. For example, its TVL surged to an all-time high of $775.5 million in July 2024. It has since tanked to $158.9 million at the time of observation.
The network channeled a substantial amount of its traffic mostly through dapps running on Telegram in 2024. However, it failed to secure robust app revenues and continued to slide even lower.
For context, app revenue peaked slightly above $122,000 on 11 May. It has since cooled substantially and was down to less than $5,000 on 17 May 2025.
TON app revenue/ Source: DeFiLlama
The network’s declining revenue was a reflection of the state of its performance so far. A sign that it had not yet managed to make a comeback in terms of utility and this was also a reflection of the weak demand for TON crypto.
Is There Still Hope for a Strong TON Coin Recovery?
TON coin transaction data on Tonscan revealed that total transaction so far this month amounted to just over 34.5 million transactions. This was the lowest recorded monthly transaction figure recorded in the last 12 months although it could grow some more considering that May is not yet over.
TON transactions/ source: Tonscan
For context, the highest recorded monthly transaction count was in September last year, at 346.1 million. Transactions have been declining month over month since then.
The network’s transaction volume in the last 30 days amounted to 70.7 billion TON and 1.8 billion TON in the last 24 hours.
While the declining transactions do not necessarily inspire confidence, Tonscan also revealed that there were still large transactions taking place. A clear sign that some whales still found TON crypto appealing.
Speaking of whales, IntoTheBlock data revealed that most of the TON coin in circulation was held by large holders. 91% to be precise, with large transactions amounting to $28.52 billion in the last 7 days.
It is also worth noting that 86% of holders purchased TON crypto in the last 12 hours. Only 11% was purchased more than a year ago and 3% was acquired in the last 4 weeks.
In addition, only 5% of TON coin holders were in profit at its press time price tag. This could signal low pressure in the event of profit-taking and the fact that whales are the biggest holders suggests that they anticipate a recovery in the future.
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