TON Token Slides 4.99% Despite UAE Golden Visa Staking and DeFi Growth Initiatives

Toncoin (TONUSDT) is currently trading at 2.796 USDT on Binance, reflecting a 4.99% decline over the past 24 hours from an opening price of 2.943 USDT. The recent price drop is attributed to prevailing bearish market sentiment, with the price breaking below key support levels and ongoing resistance near the 2.86 USDT mark. Despite positive developments such as the launch of a UAE residency program that allows participants to stake TON for a Golden Visa, and ecosystem growth initiatives like DeFi incentives and new stablecoin integrations, these have not offset the broader downward pressure. Trading volume remains elevated, with 24-hour figures ranging from approximately $648 million to $796 million, indicating heightened market activity amid recent news and volatility. Toncoin maintains a market capitalization between $6.9 billion and $7.8 billion, ranking it among the top 20 cryptocurrencies by market cap.