Well their price actually is quite expensive. Check out their marketcap its so huge already considering they are just release recently. Im not sure if ton can be a contender to other L1 out there but since its has been used as one of the best social platform who knows if they can scale that to a more useful usage for their token.
Their journey may have had many uncertainties in the past, because before I was very skeptical about them, but I believe in the team's abilities. I can understand why you find prices expensive, but for me, we are entering a bull cycle, so the madness of altcoins is very unpredictable. We still remember the stories of SOL and LUNA reached MC in the most recent increase.
And with TON, I think there will be no exception if there is some FOMO happening, but it is just speculation because, from that perspective, I can express it as a gamble that we choose. Anyway, this is not the crypto that I prioritize in my investment, but it is clear that they also have many notable points in terms of their ability to develop and compete with competitors in space.