While Bitcoin (CRYPTO:BTC) and the broader cryptocurrency market experienced declines, TON (CRYPTO:TON), the native token of The Open Network, reached an all-time high of $8.25 per unit.

TON has surged 27.8% over the past 14 days and 485% over the past year, making it the ninth-largest cryptocurrency with a market valuation close to $20 billion.

The rise in TON's value is attributed to the popularity of TON-based games and its integration with the Telegram messaging app.

The Open Network utilises a proof-of-stake consensus and a multi-blockchain architecture, allowing it to handle millions of transactions per second.

Originally developed by Telegram's founders, TON is now community-run and managed by the TON Foundation.