Toncoin, the native cryptocurrency of The Open Network, has added more than 3% in the past 24 hours, and as of writing, it is at $2.82. In the same frame, it traded highest at $3.05 and lowest at $2.74.

As per experts, a sudden rally in the trading price of Toncoin was noted following the United Arab Emirates regulators’ refutation of claims that staking Toncoin could create a pathway to UAE residency.

On July 06, 2025, Toncoin initially attained an upwards momentum of 10% to $3.03, after TON Network claimed that applicants staking $100,000 worth of Toncoin for 3 years make applicants eligible for the UAE’s golden visa program.

At first, the price went up, but then it dropped a bit after the Emirates News Agency published a statement from several authorities saying the earlier news wasn’t accurate.

What is the UAE’s golden visa claim? 

The Open Network argued that applicants who stake $100k valued Toncoin for 3 years and pay a one-time $35,000 processing fee would be eligible for a 10-year golden visa.

As per the X post by Rabbit Swap dated July 07, 2025, “ TON’s official site claimed you could get a UAE Golden Visa by staking $100K in Toncoin for 3 years and paying $35K. A few hours later, UAE authorities denied it.”

Further reads, “ The result? Classic pump & dump.” 

The post also quotes a similar incident when Pavel Durov announced a partnership with xAi, yet a few hours later, Elon Musk denied the claims. Post this, a sudden pump and dump type pattern was noted in the prices and volume of Toncoin.

In the report by Emirates News Agency, “ The authority further confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud.”

A quick overview of Toncoin 

According to CoinMarketCap, Toncoin has a market capitalization of $6.9 billion, with a loss of 6.87% and at the same time, its trading volume is $604.90 million. 

In the past 7 days, Toncoin lost 2.48% and is down by 12.11% in a month, and has lost more than 60% of its value. Within a monthly timeframe, it has traded at its highest at $3.39 and its lowest at $2.62.

On June 15, 2025, Toncoin recorded its all-time high of $8.24, which is 65% less than the current trading price. Currently, it’s trading below the 20, 50, 100, and 200-day exponential moving averages.