Toncoin (TON) dropped more than 7% over the past 24 hours, falling from $3.32 to just under $3, as enthusiasm surrounding a potential Telegram partnership with Elon Musk’s xAI deflated sharply.
The price had surged earlier in the week on speculation that Telegram’s expansive messaging platform—boasting 700 million users—would integrate with Musk’s AI company. That optimism quickly soured after Musk publicly denied any formal agreement, saying “no deal has been signed.”
The denial sent shockwaves through TON markets, which have now seen a 17% drawdown from a local peak of $3.65. Traders appear to be pricing in the likelihood that no integration is imminent, even as Telegram CEO Pavel Durov reiterated that a deal was “agreed in principle” and only awaiting final steps.
Despite the dip, Telegram continues to build TON-based payment rails into its platform. Its ongoing efforts to integrate blockchain functionality offer TON long-term potential, though near-term sentiment has clearly soured.
Adding to investor uncertainty, market watchers are eyeing wallet clustering data showing over 740 million TON tokens held near the $3.24 mark—a level that now acts as psychological resistance.
Market and Technical Highlights:
- TON volume spiked to 10.6 million during peak sell-off hours, nearly triple the daily average.
- A strong bounce at the $3.00 level triggered a V-shaped recovery to $3.08, but resistance around $3.22 capped gains.
- TON perpetual futures open interest rose by 33% to $190 million, its highest since February, suggesting traders are positioning for continued swings.
- Telegram raised $1.7 billion in convertible bonds this week, earmarking nearly half for growth investments that could include blockchain expansion.
As the dust settles, TON now trades in a narrow band between $3.00 and $3.22. Whether it can break above resistance—or slip further—may depend on clarity from Telegram and xAI about any future partnership plans.
