- Toncoin rose over 30% in 24 hours as Telegram’s validator shift boosted market confidence.
- TON staking demand increased as rewards above 20% APR locked more supply on the network.
- Funding rates turned positive while Open Interest climbed to a record $629.84 million.
Toncoin became the day’s strongest crypto gainer after rising more than 30% in 24 hours to trade at around $2.88 at press time, extending a six-day bullish run. The move lifted the asset to the 17th-largest cryptocurrency by market capitalization, even as Bitcoin held above $81K and Ethereum traded above $2.3K.
The rally came as capital appeared to rotate into altcoins. The CMC Altcoin Season Index rose 5% in 24 hours to 44, while its 30-day gain reached 20%. That broader shift gave fresh support to assets showing strong network, staking, and derivatives activity.
Telegram Validator Shift Strengthens Market Confidence
The first major catalyst came after Pavel Durov announced on May 5 that Telegram had replaced the TON Foundation as the TON network’s largest validator. The change gave Telegram a more direct role in network validation while allowing other major validators to participate.
The move also reduced some concerns around centralization and execution risk. Telegram’s position as a balancing force became important because the messaging platform has more than 900 million users worldwide.
That scale helped strengthen the market narrative around the network. Traders responded to the closer Telegram link as a sign of stronger ecosystem alignment and long-term infrastructure support.
Staking Growth and MTONGA Roadmap Add Fuel
Staking demand added another layer to the rally. Reported staking rewards above 20% APR attracted more validator participation and increased demand for locked supply. When more tokens are staked, fewer remain freely available in circulation.
This can tighten market supply during periods of rising demand, helping explain part of the sharp price reaction. Network activity also supported the move. The blockchain processed nearly 67 million transactions in April 2026, its strongest monthly performance of the year so far.
During the same period, the staking ratio reportedly climbed another 18%. Excitement increased further after Durov revealed the second phase of the “Make TON Great Again” roadmap.
The plan focuses on deeper Telegram integration, faster ecosystem growth, and better usability for developers and users. One key update involved transaction costs, which were reduced to 0.00039 TON, equal to about $0.0005 per transaction.
Derivatives Data Shows Strong Demand but Higher Risk
Derivatives data also confirmed heavy market participation. Funding rates stood at +0.0176, showing long traders were paying shorts to keep positions open. Similarly, Open Interest reached an all-time high of $629.84 million.
This showed new money entering the market, rather than only existing positions rotating. On the same accord, CoinAnk data showed TON’s price rising from $0.68 to $2.91 in a clean upward structure. Open interest delta stood at +104.69K, showing long positions increased throughout the move.
Still, leverage risk remained high. Liquidation leverage stood at 93.01K, meaning sharp downside moves could trigger forced liquidations. The chart further showed a fair value gap between $2.49 and $2.55. A deeper retracement could also bring attention to the untouched liquidity cluster near $2.036.
Related: Telegram Replaces TON Foundation as TON’s Largest Validator, Token Surges
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
