Toncoin (TON) Plummets 9% After Elon Musk Denies xAI-Telegram Deal Rumors

The TON token experienced a sharp 9% decline from $3.60 to $3.28 following Elon Musk’s public denial of a purported partnership between xAI and Telegram. This contradiction emerged just hours after Telegram CEO Pavel Durov had announced the deal, demonstrating how crypto markets remain highly sensitive to unverified corporate announcements.

The rumored $300 million agreement—which WOULD have combined cash, equity, and 50% revenue sharing from xAI subscriptions on Telegram—represented a significant AI monetization opportunity. Such distribution-focused partnerships are becoming increasingly prevalent as AI companies leverage messaging platforms’ massive user bases for scaling.

This incident highlights the volatility of token valuations tied to partnership speculation, especially when key executives provide conflicting accounts. The apparent lack of coordination between Musk and Durov raises important questions about due diligence processes in high-profile tech collaborations.