Toncoin (TON) Drops 7% After Elon Musk Denies Telegram-xAI Partnership Rumors
Toncoin (TON) dropped over 7% in 24 hours, falling from $3.319 to below $3 after Elon Musk denied speculation about a potential collaboration between his xAI venture and Telegram. This reversal erased most of the gains triggered earlier by Telegram CEO Pavel Durov’s hints of a partnership, which had briefly pushed TON to $3.65.
Market sentiment turned negative after Musk clarified that no deal had been signed, extending TON’s losses to 17% from recent highs. The sell-off reflects reduced expectations for what could have been a transformative integration with Telegram’s 700-million-user ecosystem.
Durov maintains that the parties have reached an agreement in principle, with only formalities remaining. Meanwhile, Telegram continues to advance TON-based in-app payment solutions—a rare crypto project with direct access to mainstream adoption channels.
Technical traders are now watching the $3.00-$3.22 range as a critical zone. A breakout on either side could determine TON’s next major price movement.
