Golden Visa Hopes Crushed: UAE Rejects #TON Staking Claim, Toncoin Drops
$TON Foundation CEO Max Crown offers a 10-year UAE golden visa for $100k of TON.
UAE officials refuse to work with TON Foundation to provide golden visas to TON holders.
Toncoin loses its announcement gains, and derivative traders lose interest.
Toncoin (TON) falls on Monday after a 3.31% increase and a daily close at $2.83 on Sunday after briefly touching $3 amid the UAE golden visa dispute. TON Foundation sponsorship arrangements for golden visas were rejected by the UAE. As the tables turn, futures market mood falls and technical picture remains adverse.
UAE rejects Toncoin Foundation golden visa offer
TON holders may earn a golden visa via a relationship with the UAE government, according to Toncoin Foundation CEO Max Crown. Max described the procedure as a step forward in real-world crypto use cases, including a $100,000 TON stake for three years and a $35,000 one-time payment.
In a Sunday statement, the UAE Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), Securities and Commodities Authority (SCA), and Virtual Assets Regulatory Authority (VARA) reject such proposals.
Toncoin's popularity drops as UAE officials warn investors to be cautious.
Toncoin derivatives dealers get aggressive.
Taker Buy/Sell Volume measures market orders tilting ask or bid. The long/short ratio rises above 1 when taker purchase volume rises and vice versa, showing bullish sentiment.
Toncoin fails to break 7-month resistance.
Toncoin falls roughly 1% at press time on Monday as short-term purchasing pressure eases after the golden visa dispute. TON's Sunday bullish rise failed to break a logarithmic resistance trendline linking December 4 and June 10 highs.
The intraday drop targets $2.73, the June 22 bearish close. A strong break below this level might continue the decline to $2.52, 2025's lowest closing price.
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