There is also relevant history that longer-term holders of TON will remember. Last year, Telegram itself conducted large sales of Toncoin, acting as a net seller of the asset at a time when the market had priced in its continued support. That episode reminded holders that Telegram's relationship with TON has not always been one of unconditional commitment, and that the messenger has been willing to liquidate holdings when it suited the company's financial interests. Whether the validator role — which stakes Telegram's own capital in the network's security — represents a more binding long-term alignment than previous signals remains to be seen over the coming months. Tobol expects the next leg of genuine growth to depend on bots and mini-apps generating real transaction volume inside Telegram, with staking yields of around 15% annually providing an incentive for liquidity retention in the meantime. Whether TON returns to the top 10 on CoinMarketCap will ultimately be determined by transaction activity rather than announcements — and the next several weeks of on-chain data will begin to reveal whether the Telegram integration is generating real economic gravity or whether the rally has gotten significantly ahead of the fundamentals.