Usman Salis
Toncoin (TON) faced a sharp decline after soaring above $3.00, as UAE authorities officially denied rumors linking staking TON to a 10-year golden visa. The market reacted swiftly, viewing the claim as misleading marketing, sparking a wave of sell-offs.
Toncoin Price Sinks After Visa Hype Collapses
Toncoin (TON) traded at $2.74 on July 8, down from highs above $3.00 just a day prior. The chart clearly shows a steep downward trend, with the drop beginning on July 7 after TON peaked around $3.05.
The price crash came after it was revealed that the widely circulated claim — suggesting users could receive a UAE golden visa by staking $100,000 in TON for three years — was not true. UAE authorities stated that crypto does not qualify for the program.
Market Reacts to False Claims
The controversy began after viral posts suggested that staking TON could grant investors long-term UAE residency. However, this statement had no legal backing.
Events like this show how quickly markets can react to unverified announcements. At the time of writing, TON is trading at $2.74, and investor confidence appears shaken.
Usman Salis
