What You Need to Know
- Toncoin (TON) suffered a more than 7% decline in the past 24 hours, following a news cycle surrounding a denied partnership between Telegram and Elon Musk’s xAI.
- Telegram’s CEO Pavel Durov maintained that an agreement has been “agreed in principle,” claiming that only “formalities are pending.”
- The current price of TON is being monitored closely, with critical support and resistance levels identified between $3.00 and $3.22. A movement outside this range may indicate the direction of future pricing.
Current Market Status
Toncoin’s recent activity has raised eyebrows as its value dropped significantly from $3.319, plunging below the $3 mark. This downfall comes amid fluctuating responses to speculative partnerships with Elon Musk’s xAI.
The price of TON shot up to $3.65 but plummeted swiftly after Musk’s rejection of the deal, which he stated had not been finalized. Currently, TON is down about 17% from those highs.
Despite these controversies, Durov confirmed that they are moving forward with in-app crypto payments, thereby keeping TON in the spotlight and suggesting potential future accessibility for Telegram’s broad user base of 700 million.
Analysts highlight that the ongoing market dynamics suggest significant wallet concentration around $3.24, emphasizing the importance of price movements as around 740 million tokens are distributed across 1.21 million addresses.
Finally, Telegram recently raised approximately $1.7 billion via convertible bonds, of which $955 million is allocated for bond buybacks, with the remaining funds dedicated to growth initiatives.
