Toncoin (TON) is surging today after unveiling a blockchain-based residency program in the United Arab Emirates.
As of press time, TON was trading at $3.02, marking an 11% rally over the past 24 hours. Its market capitalization has also jumped from $6.7 billion to $7.43 billion in just one day, an increase of approximately $730 million.
Beyond the fundamental news, Toncoin’s price chart shows possible signs of a breakout. TON has decisively moved above its seven-day simple moving average (SMA) at $2.83 and its seven-day exponential moving average at $2.81.
Meanwhile, its relative strength index (RSI), which had dropped to an oversold level of 38.79, is now rebounding, suggesting room for further upside.
The catalyst behind the surge is Toncoin’s announcement of a first-of-its-kind UAE residency scheme built on blockchain technology.
Under the program, investors can secure UAE residency by staking $100,000 in TON for three years through a decentralized smart contract in return for a 10-year UAE Golden Visa.
The initiative is designed to lock up a significant supply: if 1,000 participants join, around $100 million worth of TON could be removed from circulation. Additionally, the program offers participants an annual yield of 3-4%, encouraging long-term holding.
The visa process is fast-tracked, with approvals typically expected within seven weeks. Unlike traditional programs requiring $500,000 in real estate, this initiative offers a lower entry point and extends residency to the applicant’s immediate family.
Staked TON remains under user control and is fully withdrawable after three years, with an annual yield of 3-4%, subject to market conditions.
Overall, the UAE-TON partnership aims to attract crypto investors and entrepreneurs seeking more accessible residency options.
Meanwhile, this is another initiative that will likely help Toncoin gain mainstream attention. For instance, as reported by Finbold, in late May, TON saw increased momentum after xAI announced a partnership to bring its Grok chatbot to Telegram.
Under the one-year deal, Telegram will receive $300 million in cash and equity, as well as 50% of all xAI subscription revenue generated on its platform.
