Toncoin (TON) Crashes 6% as UAE Shoots Down Golden Visa Staking Rumors

Another day, another crypto dream deferred. Toncoin investors got a rude awakening today as the UAE slammed the brakes on staking-for-visa fantasies—sending TON into a 6% tailspin.

When Lambos meet bureaucracy...

The Dubai rumor mill went into overdrive last week with whispers of TON stakers skipping immigration queues. Turns out? Just another case of hopium-addled traders mistaking Twitter threads for policy documents.

Market reaction was predictably brutal. The selloff accelerated as leveraged positions unwound—because nothing fuels crypto volatility like traders overplaying their hand on regulatory maybes.

Silver lining? At least this wasn't one of those 'we lost your keys' moments. Just good old-fashioned reality checks for an asset class that still thinks visas should come from nodes instead of governments.

TLDR

• Toncoin fell 6% after UAE regulators denied claims that staking $100,000 worth of TON could secure a golden visa
• The Open Network falsely claimed TON staking would make applicants eligible for UAE’s 10-year golden visa program
• Emirates News Agency released joint statement from three regulatory bodies refuting the crypto staking connection
• TON initially surged 10% to $3.03 before retreating to $2.84 following the denial
• Technical analysis suggests further downside potential with support levels at $2.60, $2.38, and $2.02

Toncoin experienced a sharp reversal on July 7 after United Arab Emirates authorities denied claims linking the cryptocurrency to the country’s golden visa program. The native token of The Open Network fell 6% from its 24-hour high of $3.05 to around $2.84.

The controversy began when The Open Network announced that individuals who staked $100,000 worth of TON for three years and paid a $35,000 processing fee WOULD become eligible for the UAE’s golden visa. This claim initially sent TON surging 10% to $3.03 on Sunday.

Telegram CEO Pavel Durov added fuel to the speculation by reposting the announcement on X, though he made no official comment. The repost from the prominent figure lent apparent credibility to the claim and contributed to the initial price surge.

BREAKING:

🇦🇪 TON HAS JUST PARTNERED WITH UAE TO OFFER 10 YEAR GOLDEN VISA TO TON STAKERS.

– STAKE $100,000 $TON FOR 3 YEARS
– 10 YEARS DUBAI GOLDEN VISA
– SPOUSE / FAMILY INCLUDED
– $35,000 GOVT FEES

MASSIVE FOR crypto ADOPTION 🚀 pic.twitter.com/UC7ywfV5HF

— Ash Crypto (@Ashcryptoreal) July 6, 2025

The rally proved short-lived after the Emirates News Agency released a joint statement on Monday. Three key regulatory bodies issued the denial: the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the VIRTUAL Assets Regulatory Authority.

The agencies clarified that digital asset investments are governed by their own set of regulations. They emphasized that cryptocurrency investments are unrelated to golden visa eligibility.

🇦🇪 Update: UAE gov has confirmed you can’t get a Golden Visa by investing in crypto.

Bummer for $TON buyers, it’s ~6% down from today’s high and the news came out around an hour ago. 🫨 https://t.co/G2BydgTMFJ pic.twitter.com/LXxcqyh2ZE

— Sanjay (@SanjayWeb3) July 6, 2025

The statement urged investors to obtain information from credible, official sources to avoid misinformation or fraud. This warning came as the false claim had already moved markets and attracted widespread attention in the crypto community.

Golden Visa Requirements

The UAE’s golden visa is a long-term residency program introduced in 2019 to attract skilled individuals to the region. It enables foreign nationals to live, work, and study in the UAE without needing a national sponsor.

Visa durations range from five to 10 years, depending on the applicant’s qualifications. To be eligible, users must meet strict criteria, such as having special skills like being a doctor, scientist, or researcher.

Investors can receive a golden visa if they have public investments worth 2 million United Arab Emirates dirham ($544,000) or more. Entrepreneurs can also qualify if they own a registered startup recognized by UAE authorities that is tech-based.

Technical Analysis Points to Further Declines

The price action shows TON compressing between horizontal support at approximately $2.80 and a gradually declining resistance line. The recent rejection at the triangle’s upper boundary suggests a breakdown is likely.

The Balance of Power indicator is currently in negative territory at -0.13, signaling strong selling pressure behind recent price moves. The MACD histogram is leaning bearish with a widening divergence between the MACD and signal lines.

Technical analysts identify initial support at the 1.0 Fibonacci level ($2.60). A likely bounce zone in the short term sits at the 1.618 Fibonacci level ($2.38). A deeper target if market sentiment remains weak is at the 2.618 Fibonacci level ($2.02).

If TON fails to hold the $2.80 support zone, bears could gain full control. This scenario would push prices toward the $2.38 level and possibly even the $2.02 zone.

The current price action reflects the volatile nature of cryptocurrency markets when unverified claims surface. TON now trades at $2.84, representing a 6% decrease from its recently posted 24-hour high of $3.05.