Musk’s Telegram Play Sends Toncoin Soaring 16%—Because Nothing Says ’Bullish’ Like a Billionaire’s Tweet
Elon Musk strikes again—this time sending Toncoin (TON) on a 16% rocket ride after rumors swirled about a Telegram deal. The crypto market, ever the obedient dog to Musk’s whistle, immediately priced in the hype.
When whales play, retail pays. The usual suspects—speculators, degens, and your cousin who ’totally understands blockchain now’—piled in faster than a memecoin rug pull. Meanwhile, institutional traders pretended this was always part of their ’long-term Web3 thesis.’
Toncoin’s surge proves two things: 1) Crypto markets still move on vibes, and 2) Elon’s Twitter finger remains the most powerful oracle in finance. Just don’t ask about fundamentals—unless ’because Elon’ counts as a whitepaper.
This summer, Telegram users will gain access to the best AI technology on the market. @elonmusk and I have agreed to a 1-year partnership to bring xAI’s @grok to our billion+ users and integrate it across all Telegram apps
This also strengthens Telegram’s financial… pic.twitter.com/ZPK550AyRV
— Pavel Durov (@durov) May 28, 2025
Toncoin Skyrockets After Elon Musk’s Grok & Telegram Make $300 Million Deal
On Wednesday, it was revealed that Telegram and xAI’s Grok WOULD be signing a major partnership. Indeed, users of the messaging application will now have access to the top-tier AI offering. The deal would see the app receive $300 million in cash and equity from the firm while also getting a portion of xAI subscriptions sold through the platform.
That has been a major boost to the Open Network and its standing in the current technology landscape. Moreover, it has already proven to be a boost to its various facets. Specifically, Toncoin (TON) had jumped as much as 16% after news surfaced of the Elon Musk deal with Telegram.
It fell slightly by mid-afternoon, trading at $3.41. However, the high-profile partnership saw its trading volume surge more than 463% in the last 24 hours. Additionally, its market cap also increased, nearing the $8.5 billion mark.
This may just be the beginning of a major expansion effort for the application. According to a recent report from the Wall Street Journal, Telegram is also looking to raise $1.5 billion from bond issuance. Moreover, it is looking to get increased capital from existing investors such as BlackRock and Abu Dhabi’s Mubadala.
