📉 Why did $TON drop from $8 to $3.5 – and is there still a chance for a comeback?

If you hold $TON  like me, it must be painful to look at the chart of the last few months. In the summer of 2024, Toncoin rose above $8, and everything looked super optimistic: high-profile listings, hype on Telegram bots, and a crazy increase in activity. But in May 2025, the price dropped to $3.5. What happened?

📉 1. The effect of an overheated ecosystem

Many people forget that the growth of $TON was fueled mainly by bots - Hamster Kombat, Catizen, TapSwap. Thousands of users logged on to the network for airdrops. However, it was “low-quality traffic” - after airdrops, most of them simply left without any real activity.

📉 2. Decrease in transactions and addresses

In December 2024, TON processed more than 8 million transactions per day, and there were more than 1 million active addresses. In March 2025, there were less than 900 thousand transactions and 293 thousand addresses. This is a drop of more than 70%.

📉 3. Decrease in TVL

TVL in the TON network fell from $1.04B to $433M. Users withdrew liquidity because they saw no new incentives to keep tokens in the protocols.

🔁 And now the good news: a real infrastructure is emerging

Everything that happened before was hype. And hype does not last long without a foundation. And now #TON is starting to have tools that give hope.

One of them is  #Ston.fi . This is the first convenient DEX on TON that I actually use. Minimal commissions, Telegram integration, and convenient farming. This is not a “bot with jokes” - it is a DeFi that works. And if TON grows, it will grow on projects like   Ston.fi, not on pictures with hamsters.

Now I am calmly watching how the DeFi infrastructure is being formed. If things like   Ston.fi continue to develop, TON still has a chance to show a new growth cycle.

Sometimes it seems to me that this is the moment when the market is being “cleaned up” before a new start.

Let's see 👀