Toncoin (ton) falls 5% as breach of NASDAQ flags on $273M purchase of major holder
The price of It fell 5% in 24 hours to $ 2.165 as market pressure intensified and NASDAQ rebuked the ton’s strategy with a $ 272.7 million token purchase.
The price has broken through key supports in bearish zones, according to Coindesk Research’s technical analysis model. Trading volumes climbed to 5.76 million tokens, nearly 1.5 times the 24-hour average, confirming strong selling sentiment.
A brief late-session bounce helped Ton recover from the $2.162 low, but resistance near $2.19 trapped the rebound. The broader crypto market, as measured by Coindesk 20 (CD20) Index, down 3.7% in the last 24 hours.
Ton’s underperformance also came amid a reprimand from Nasdaq to one of the token’s largest holders.
ton strategy (tonx), the largest publicly listed firm building a Toncoin Treasury, has failed to obtain the necessary shareholder approval before issuing stock to finance a major token acquisition, according to an October 28 SEC filing.
The deal, structured as a private investment in public equity (pipe), uses almost half of the proceeds, about $273 million, to buy Toncoin.
Nasdaq flagged the violation of the rule but stopped short of recommending removal, citing an unclear intent to avoid compliance. However, the warning adds pressure to the ton strategy’s broader efforts to legitimize a public treasury dedicated to cryptocurrency. Ton strategy currently holds 217.5 million tokens.
Ton price action is now driven by technical levels. Support appears to be forming near $2.162, while resistance at $2.19 could continue to cap reversal attempts.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
