Key Notes
- TON Foundation has partnered with Crypto.com Custody to offer institutional-grade asset management.
- Toncoin (TON) fees surged 696% this week, ranking second among top-growing blockchains by fee activity.
- UAE authorities denied claims linking TON staking to golden visa eligibility, triggering a sharp price drop on July 7.
The Open Network (TON) Foundation has deepened its partnership with leading exchange Crypto.com, as the blockchain project dodges criticism from crypto market participants over a Golden Visa claim in the UAE.
The development arrives alongside a dramatic sixfold surge in Toncoin
TON
$2.75
24h volatility:
2.1%
Market cap:
$6.80 B
Vol. 24h:
$237.30 M
fees, up 696% this week according to Nansen. This has raised both eyebrows and trading volumes, hitting a total value locked (TVL) of $140 million, according to DefiLlama data.
Top chains by fee growth this week:
1๏ธโฃ Viction +4,272%
2๏ธโฃ Ton +696%
3๏ธโฃ Goat +155%
4๏ธโฃ Ronin +90%
5๏ธโฃ HyperEVM +78%Massive spikes in usage or just hype? Either way, you might want to keep them on your radar. pic.twitter.com/xGpQ25NXgF
โ Nansen ๐งญ (@nansen_ai) July 8, 2025
TON Taps Crypto.com Custody
Crypto.com has announced an expanded integration with TON Foundation, positioning itself as the networkโs primary custody provider.
Through Crypto.com Custody, TON gains institutional-grade asset storage with capabilities for staking and Jetton-based token support, including stablecoins like USDT on the TON blockchain.
โWe continuously invest in our institutional custody offering to provide the best-in-class platform,โ said Eric Anziani, President and COO of Crypto.com.
TONโs Glenn Brown said that The Open Network will use Crypto.comโs institutional-grade solutions โto securely manage and engage with assets on TON Blockchain.โ
The collaboration marks a significant vote of confidence in TONโs sharded multi-chain architecture, which claims to handle millions of transactions per second.
UAE Golden Visa Controversy
On July 7, Toncoin price sharply dropped following a clarification from UAE authorities denying any link between TON staking and the countryโs prestigious golden visa program.
$TON Fake price manipulation โ๏ธ pic.twitter.com/aakjG6V4iU
โ Crypto24 (@Crypto24YT) July 7, 2025
The criticism began when TON Foundation claimed that users who staked $100,000 worth of TON for three years and paid a $35,000 fee could qualify for the visa, even Telegram CEO Pavel Durov reposted this news.
However, the UAE government responded swiftly. A joint statement from the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and VARA (Virtual Assets Regulatory Authority) refuted any such connection.
The $TON โGolden Visaโ dream is over! ๐ฆ๐ช
UAE officials denied the claims that crypto investors would get a golden visa.Once again hype first, dump laterโฆ
Crypto is never boring ๐ pic.twitter.com/pubcmD5QH2โ ๐๐๐ฟ๐๐๐๐๐๐พ (@Sudelytic) July 7, 2025
TON Price Action: Where Is the Token Headed?
At press time, TON was trading at $2.757, attempting to consolidate following the drop. The sixfold spike in fees suggests renewed on-chain activity, while the Accumulation/Distribution (A/D) shows flattening after an uptrend.
TON 1D Chart with MACD and A/D Indicators | Source: TradingView
Meanwhile, the MACD reveals a slightly bearish divergence, with the MACD line trending just below the signal line (orange), hinting at decreasing bullish momentum.
The Fibonacci retracement targets place immediate support near $2.38 (Fib 1.618) and deeper supports around $2.02 (Fib 2.618) and $1.43 (Fib 4.236). A recovery could attempt to reclaim the $3โ$3.28 region near the Fib 0.786 level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
