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Telegram Takes the Wheel on TON, and the Custody Question Sharpens

5/12/2026

Telegram Takes the Wheel on TON, and the Custody Question Sharpens Pavel Durov's announcement that Telegram would dissolve its arms-length posture toward The Open Network and step in as the network's largest validator was, on its face, a governance memo.

In practice it was a market event. Within hours of the post, Toncoin climbed thirty-six percent.

Within three days, the token had more than doubled, settling above $2.70 even as it sat sixty-seven percent below the 2024 peak that earlier believers still measure against.

Meme tokens orbiting the chain moved harder: DOGS doubled in a session, UTYA added one hundred and forty percent, and the cluster of small-cap ecosystem tokens collectively pushed past one hundred and fifty million in market value.

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