While the world's eyes are on Washington, The Open Network (TON) is experiencing one of its strongest pumps in months. Recently, the coin surged from $1.30 to $2.89, racking up gains of over 115%!
What's going down behind the scenes? Is it just a technical pump? Or are Trump's decisions igniting the real "altcoin season"?
๐ The fundamental reasons behind TON's rise
There are two main drivers behind this strong performance of TON, one linked to the coin itself and the other to the regulatory environment:
1. Telegram's takeover of leadership (MTONGA):
On May 4, 2026, Telegram founder Pavel Durov announced that the app would replace the "TON Foundation" to become the largest network validator, slashing transaction fees sixfold to nearly zero.
ยท Immediate outcome: A sharp rise in the currency by 36% within just 24 hours.
ยท Long-term impact: Merging 950 million active Telegram app users with a single blockchain, meaning TON is transforming from just a coin to the "fuel" for the world's largest messaging app.
2. Liquidity and anticipation of tech upgrades:
Despite this surge, the TON market still suffers from relatively shallow liquidity (total value locked at around $70 million only at the beginning of May 2026). Investors are betting that updates like TON Teleport and TON Pay 2.0 will attract greater liquidity than Bitcoin, potentially creating real demand to support the price.
๐ The real impact of Trump's decisions on TON
Here lies the crux of the question: Do Trump's decisions really move TON?
The answer is: yes, but indirectly and through two main channels:
๐บ๐ธ Channel one: "Regulatory promise" (a boon or a curse?)
After Trump's victory, there was great optimism in the market that his administration would be "crypto-friendly", prompting the TON Foundation to expand into the US market and appoint "Manuel Stutz" as its new head in anticipation of a regulatory bull wave.
But! Anthony Scaramucci (former White House founder) warns that Trump's current policies may be "toxic" for legislation. Scaramucci pointed out three main reasons:
1. Legislation stalled: Trump's launch of his meme coin before taking office made Democrats unwilling to give him any legislative victory, leading to the stalling of the "CLARITY Act" that would have granted regulatory clarity to TON.
2. Focus on war: The massive spending ($200 billion) on the military campaign in Iran consumes all political attention, pushing the crypto agenda to the margins of priorities.
3. Partisan stalemate: Without this regulatory clarity, top-tier coins like Solana, Avalanche, and TON remain in the "grey area", unable to fully grow in America.
๐ Channel two: "Geopolitical calm$XRP "
This factor is linked to the first part of your question (BNB's rise). Just like BNB, any easing of tensions in the Strait of Hormuz (thanks to Trump's promises of free movement) alleviates inflationary pressures and reduces "fear" in the markets, driving capital towards high-risk assets like TON. Global stability is a friend to altcoins.