TON Tanks 7% as Musk’s Telegram-xAI Spat Triggers Sell-Off Frenzy

Elon Musk’s latest Twitter feud—this time denying a phantom partnership between Telegram and xAI—sent TON into a tailspin. The token bled out 7% as traders dumped positions, proving once again that crypto markets move faster than a VC fleeing a sinking stablecoin project.

No actual fundamentals were harmed in the making of this panic. Just another Tuesday in Web3.

Technical Analysis Breakdown

• TON saw a sharp sell-off, with volume surging to over 10.6 million in a single hour, nearly tripling its average volume.
• Buyers stepped in at the $3.00 mark, helping the token climb back to $3.086, forming a V-shaped recovery.
• A brief resistance formed at $3.22, while bullish momentum pushed the token above $3.08 during an intense surge
• TON perpetual futures open interest rose 33% to $190 million, reaching its highest point since February, indicating traders are bracing for further volatility.