The upward trend of Toncoin (TON) was interrupted amid comments from Nasdaq. The platform issued a warning to TON Strategy, one of the largest token holders, for issuing shares without shareholder approval. The funds from the placement were supposed to be used to purchase TON for $272.7 million.
Against this backdrop, the Toncoin price went down. Market capitalization dropped to $5.16 billion, and the price fell by 8.07% in 24 hours. Trading volumes, meanwhile, increased by more than 50%, reaching 5.76 million tokens, almost one and a half times higher than the daily average. This indicates notable seller activity and strong sell-offs.
Nasdaq warning does not call Toncoin itself into question
On technical charts, Toncoin broke through several support levels at once. Attempts at intraday rebounds quickly met new selling pressure around $2.19— this is a resistance zone that traders are now closely watching as an indicator of short-term sentiment.
Analysts also warn of possible volatility spikes. According to their estimates, more than 68% of the TON supply is concentrated in large holders’ wallets. At the same time, long-term investors control about 20% of the issuance, so any large transactions can sharply affect the price due to this structure.
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Despite the negative background, some analysts believe the situation is more technical than fundamental. In their opinion, the notification from Nasdaq does not call into question either Toncoin itself or the growing interest in the TON blockchain. The issue concerns only corporate procedures within TON Strategy— a matter that can be resolved without harming the network itself.
The main driver of Toncoin development remains its increasingly close integration with the global Telegram audience. Developers and users are showing interest in TON-based solutions in tokenized assets, gaming, and digital payments.
Toncoin price dynamics. Source: CoinMarketCap
Meanwhile, technical analysis points to a “bearish” sentiment for Toncoin. The coin shows increased volatility and pressure on shorter timeframes, with the $2.04 support level at stake. Trading volumes are decreasing, indicating investor caution. At the time of publication, TON is trading at $2.09.
Nasdaq gives TON Strategy 45 days to fix violations
TON Strategy received a notice from Nasdaq— the exchange considered that the company conducted a private placement of shares without shareholder approval. This refers to the sale of common shares and warrants as part of a deal closed on August 7. According to Nasdaq, this could have led to a change of control and therefore required approval.
The company disagrees. TON Strategy says it acted based on external consultants’ conclusions and is confident it did not break the rules. Delisting is not yet a threat, but the exchange’s attention has increased. TON emphasizes that listing status is maintained if other requirements are met.
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The deal itself was conducted under a subscription agreement dated August 3. Investors and subsidiaries participated. On the closing day, the company changed management, including a new executive chairman of the board. With him, TON signed a long-term partnership. Through affiliated structures of Kingsway Capital, investors received almost 20% of voting shares.
TON Strategy calls itself a key partner of the Toncoin blockchain. It currently holds over 217 million TON in its accounts. The company has 45 days to submit a plan to remedy the violations.
