Toncoin Pumps on UAE Residency Rumor, Dumps After Denial
Toncoin (TON) saw a dramatic price swing on July 7 after a viral claim suggested that staking $100,000 worth of TON could secure long-term UAE residency. The rumor, spread by the TON Foundation, briefly sent TON soaring 10% to $3.05, igniting hype on Twitter and Telegram.
However, the rally quickly unraveled. UAE officials publicly denied the existence of any such residency-through-crypto-staking program, triggering a sharp 6% correction. Despite the fall, TON ended the day up 3.7%, closing at $2.83.
The real story may be in the trading volume, which exploded over 900%, topping $795 million for the day. On-chain data reveals that 68% of TON is held by whales, making it especially prone to large, fast moves.
Technically, TON found support at $2.78, near the 78.6% Fibonacci level, but remains unable to break the $3.00–$3.20 resistance zone — a ceiling it has tested and failed multiple times since May.
If bullish momentum builds, a breakout could target $3.60 or even $4.00, but without it, a slide back to $2.65 or $2.30 is possible.
This price whiplash shows the power of hype in crypto—and how fast fiction can spark millions in trading volume.
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