Toncoin (TON) Sees Wild Swings as UAE Residency Rumor Sparks 10% Surge Before Dubai Denial

BTCC / BTCC Square / Global Cryptocurrency /

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2025-07-07 07:29:02

[TRADE_PLUGIN]TONUSDT,TONUSDT[/TRADE_PLUGIN] Toncoin TON News -

Toncoin (TON) whipsawed traders with a 10% intraday rally followed by a sharp 6% drop on July 7 after false claims about UAE residency benefits. The cryptocurrency briefly hit $3.05 before retreating when Dubai's Financial Services Authority (FSA) clarified no such program exists.

The episode triggered a 900% volume spike to $795 million, highlighting concentration risks with whale wallets controlling 68% of supply. Technicals show strong support at $2.78 (78.6% Fib) while the $3.00-$3.20 zone continues to cap upside attempts since May's ATH.

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