Why TON is up today?
A Golden Visa for crypto: A new investor gateway
On Sunday, July 6, the native coin of The Open Network (TON) jumped 11% to $3.05, while trading volume soared over 4x to $600 million. The spike in investor interest came after TON Foundation announced a partnership offering 10-year UAE Golden Visas to crypto investors.
To qualify, applicants must invest $100,000 in TON for three years and pay a $35,000 processing fee. Importantly, they retain full control of their assets. The program also promises a 3%-4% annual yield on the locked funds.
A Golden Visa for crypto: A new investor gateway
The initiative caused a stir in the crypto space. Many investors apparently rushed in to take advantage of the opportunity. Coingecko co-founder Bobby Ong called it an "amazing partnership story" and expressed hope it won't be temporary:
“TON doing a 10-year UAE Golden Visa program partnership is truly an amazing story. 5x cheaper than real estate-based entry. Will definitely attract whales.”
According to AMB Crypto, traders may have opened long positions after the announcement. However, TON failed to hold the $3 level, and at the time of writing, retraced to $2.90.
TON price dynamics for 24 hours. Source: CoinMarketCap
Technical indicators on the 12-hour chart suggest that bearish sentiment remains, as TON was unable to break through resistance levels at $3 and $2.92.
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