Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13286
Markets: 103649
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Market Cap
24h Vol
13286
Cryptocurrencies
63.14%
Bitcoin Share
CoinDesk 2025-05-31 12:33:24

TON Falls 7% as Sell-Off Tied to Musk's Dispute of Telegram, xAI Partnership Continues

TON Falls 7% as Sell-Off Tied to Musk's Dispute of Telegram, xAI Partnership Continues

Toncoin TON took a sharp dive in the last 24-hours, falling more than 7% from $3.319 to a low just under the $3 mark after as excitement around a rumored Telegram partnership with Elon Musk’s xAI reversed course. The plunge is the continuation of one that started shortly after Telegram CEO Pavel Durov hinted at a collaboration with xAI , Elon Musk’s artificial intelligence company. The speculation pushed TON’s price up to a $3.65 high, but a swift denial from Musk sent it tumbling, after the CEO of X said that the deal hasn’t yet been signed . TON is now down 17% since. Markets appear to be pricing in the collapse of what could have been a major integration involving Telegram’s 700 million users shortly after, nearly reversing all of the gains TON saw. Despite the setback, Durov quickly replied that the deal has been “agreed in principle,” and that “formalities are pending.” TON is the native token of The Open Network, which is heavily associated with Durov’s messaging app. TON’s fundamentals remain in motion. Telegram is still moving ahead with TON-based in-app payments, offering users a way to send crypto like messages. That exposure, while long-term, positions TON as one of the few projects with potential access to a major mainstream user base. Price levels between $3.00 and $3.22 are now key to watch. A breakdown or breakout from that range could signal the next move, especially as on-chain data shows significant wallet concentration around $3.24, where nearly 740 million tokens are held across 1.21 million addresses, according to crypto analyst Ali Martinez. Telegram has this week raised $1.7 billion via convertible bonds. The firm plans to use $955 million to buy back existing bonds, and fuel its growth with the remaining $745 million. Technical Analysis Breakdown TON saw a sharp sell-off, with volume surging to over 10.6 million in a single hour, nearly tripling its average volume. Buyers stepped in at the $3.00 mark, helping the token climb back to $3.086, forming a V-shaped recovery. A brief resistance formed at $3.22, while bullish momentum pushed the token above $3.08 during an intense surge TON perpetual futures open interest rose 33% to $190 million, reaching its highest point since February, indicating traders are bracing for further volatility.

Most Read News

Moralis Money
Market Cap
24h Vol
63.14%
Bitcoin Share
622
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.