Toncoin Plummets 6% After UAE Denies Golden Visa Claims

Toncoin, the native cryptocurrency of The Open Network, experienced a notable price surge followed by a sharp decline after the United Arab Emirates (UAE) authorities refuted claims that staking Toncoin could lead to eligibility for the UAE’s golden visa program. The initial surge in Toncoin's price was triggered by unverified claims made by Max Crown, CEO of the TON Foundation, which suggested that applicants staking $100,000 worth of Toncoin for three years would be eligible for the UAE’s golden visa program. This news caused Toncoin's price to spike by over 10%, reaching nearly $3.03.

However, the UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, swiftly denied these claims. They clarified that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. The authorities urged investors to obtain information from credible, official sources to avoid misinformation or fraud. Following this clarification, Toncoin's price retraced by 6% from its 24-hour high, highlighting the market's sensitivity to regulatory statements and the importance of official confirmations in the cryptocurrency space.

The incident underscores the volatility and speculative nature of the cryptocurrency market, where unverified claims can lead to significant price movements. It also emphasizes the need for clear and transparent communication from regulatory bodies to prevent market manipulation and protect investors. The UAE's denial of the golden visa claims serves as a reminder that cryptocurrency investors should exercise caution and rely on official sources for accurate information.

According to the X post by Rabbit Swap, the claims made by the TON Foundation were quickly refuted by the UAE authorities, leading to a classic pump and dump scenario. This pattern was also noted in a similar incident when Pavel Durov announced a partnership with xAi, only for Elon Musk to deny the claims shortly after. The sudden price fluctuations in Toncoin highlight the market's reaction to unverified information and the need for regulatory clarity.

The UAE authorities' statement further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. This clarification is crucial for investors to avoid misinformation or fraud. The incident serves as a reminder of the importance of obtaining information from credible, official sources in the cryptocurrency market.

Toncoin has a market capitalization of $6.9 billion, with a loss of 6.87% in the past 24 hours. In the past 7 days, Toncoin lost 2.48% and is down by 12.11% in a month, and has lost more than 60% of its value. Within a monthly timeframe, it has traded at its highest at $3.39 and its lowest at $2.62. On June 15, 2025, Toncoin recorded its all-time high of $8.24, which is 65% less than the current trading price. Currently, it’s trading below the 20, 50, 100, and 200-day exponential moving averages.