The TON bubble risk index remains stable at 1.03, reflecting a neutral market phase as the cryptocurrency trades near $2. Historically, index values above 1.5 have been associated with overheated market rallies. As of August 2025, the index's position in the green-to-yellow zone suggests neither extreme overheating nor undervaluation, marking a departure from previous high-volatility periods. This stability has fostered cautious optimism among traders, with analysts noting that an index near 1.0 often precedes significant market movements. The future trajectory of TON will depend on market sentiment and external factors, as investors weigh the potential for sustained recovery against the risk of another correction.