07.07.2025 07:37

Toncoin, the native token of The Open Network, experienced a significant price drop on July 7th, plummeting approximately 6% following a swift market reaction. This sharp decline was triggered by a denial from the United Arab Emirates (UAE) government regarding claims linking Toncoin staking to eligibility for the country's prestigious golden visa program.

The initial surge in Toncoin's price stemmed from a misleading announcement by The Open Network. This announcement, which promised ten-year UAE residency, including family members, to those staking $100,000 worth of TON for three years, along with a $35,000 processing fee, created considerable excitement within the cryptocurrency community. The claim even gained indirect support through a repost by Pavel Durov, CEO of Telegram, although he offered no official endorsement.

However, this bullish sentiment proved short-lived. A joint statement issued by three key UAE regulatory bodies – the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority – decisively refuted the connection between cryptocurrency staking and golden visa eligibility. This official denial promptly deflated the market's enthusiasm, resulting in the observed price drop. Should support at $2.80 fail, analysts suggest Toncoin could further decline, potentially reaching prices as low as $2.38 or even $2.02. The 24-hour trading volume for Toncoin reached $347.97 million, reflecting the volatility surrounding this event. Currently, Toncoin trades around $2.82, with a market capitalization of $7.25 billion and a 24-hour volatility of 7.2%. This incident serves as a stark reminder of the importance of verifying information sourced from internet resources before making investment decisions.