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