Toncoin (TON) Dips 5% as TON Foundation Denies UAE Partnership Rumors

The Open Network Foundation has clarified that no official agreement exists with the United Arab Emirates government, dispelling rumors of a Golden Visa program for Toncoin holders. Market reaction was immediate, with TON's price dropping over 5% to $2.77 following the announcement.

While denying current collaborations, the Foundation left room for future possibilities, noting discussions are in early stages. The statement specifically referenced coordination with UAE regulatory bodies including VARA and SCA, confirming no digital residency initiatives have been approved.

Despite the setback, Toncoin maintains strong market fundamentals with a $14.2 billion fully diluted valuation and $330 million daily trading volume. Technical analysis suggests underlying bullish sentiment remains intact, with price action currently testing established support levels.