Toncoin (TON) Drops 5% as UAE Denies Golden Visa Rumors Tied to Staking
Toncoin (TON) fell sharply to $2.79, losing 5% of its value within 24 hours after UAE authorities dismissed claims that staking the cryptocurrency could qualify investors for the country's sought-after Golden Visa. The decline reversed earlier gains fueled by a now-debunked tweet from TON Foundation CEO Max Crown, which had temporarily pushed the token to $3—its highest price since June 20.
Market experts were skeptical from the start. "Public-private partnerships of this scale require official documentation, not just social media announcements," said Alexandr Kerya of CEX.IO, pointing to regulatory concerns around crypto promotions linked to visas. This incident highlights increasing scrutiny of influencer-driven volatility in cryptocurrency markets.
