TON Drops 7% Following Musk’s Denial of Telegram Partnership
Toncoin (TON) dropped over 7% in 24 hours, falling from $3.319 to nearly $3 after a rumored partnership with Elon Musk’s xAI lost momentum. This decline follows an earlier surge to $3.65 after Telegram CEO Pavel Durov hinted at the collaboration.
Key points include:
- Musk denied that a deal had been signed, causing the price to fall 17% since the initial spike.
- Markets are reacting to a potential loss of integration with Telegram’s user base of 700 million.
- Durov confirmed that the deal has been "agreed in principle," pending formalities.
- Telegram is advancing TON-based in-app payments, which could increase mainstream adoption.
- Current price levels between $3.00 and $3.22 are critical; movements outside this range may signal further trends.
- On-chain data indicates significant wallet concentration around $3.24, with 740 million tokens across 1.21 million addresses.
- Telegram raised $1.7 billion via convertible bonds, allocating $955 million for bond buybacks and $745 million for growth initiatives.
Technical Analysis Breakdown
- Volume surged above 10.6 million in one hour, nearly tripling the average.
- Buyers entered at $3.00, leading to a recovery to $3.086.
- Resistance formed at $3.22, while bullish momentum pushed past $3.08.
- TON perpetual futures open interest increased by 33% to $190 million, indicating anticipated volatility.