Toncoin (TON) pulls back from its bullish momentum after Nasdaq reprimanded TON Strategy

Toncoin (TON) has pulled back from its bullish momentum after Nasdaq reprimanded TON Strategy, a major holder of TON, for failing to obtain shareholder approval before issuing stock to finance a $272.7 million ￰0￱ price of Toncoin has dropped, with a market cap of $5.16 billion, marking an 8.07% 24-hour decline . Additionally, trading volumes surged over 50% to 5.76 million tokens, which is nearly 1.5 times the 24-hour ￰1￱ confirms a strong selling conviction. Nasdaq’s notice does question the legitimacy of Toncoin Technical traders noted that Toncoin broke below several key support zones during the ￰2￱ attempts to rebound saw selling pressure re-emerge near the 2.19 dollar resistance level, a zone that traders will monitor to gauge short-term sentiment.

Additionally, analysts stated that the coin will face strong volatility because over 68% of TON’s supply is held by whale ￰3￱ the other hand, the long-term holders hold approximately 20% of the supply, which is scarce, amplifying price swings when large players trade. However, even after the setback, several analysts argue that the episode is more procedural than ￰4￱ highlighted that Nasdaq’s notice does not question the legitimacy of Toncoin nor the growing adoption of the TON blockchain. Instead, the issue revolves around corporate governance at TON Strategy, a factor that can be addressed without impacting network ￰5￱ growing integration inside Telegram’s worldwide user base is the driving force behind Toncoin’s burgeoning ￰6￱ developers and consumers are drawn to new uses in tokenized assets, gaming, and payments.

Toncoin’s price today.) financing, which ended on August 7, ￰7￱ press release states that the PIPE financing was completed under a subscription agreement from August 3, 2025, which included investors and certain ￰8￱ the closing date, Ton Strategy made big changes to its top management and Board of ￰9￱ instance, a new Executive Chairman was ￰10￱ company entered into a long-term agreement with a group led by the new Executive ￰11￱ chairman, through Kingsway Capital Limited’s partners and affiliates, acquired approximately 19.99% of Ton Strategy’s total common stock and voting ￰12￱ letter from Nasdaq states that Ton Strategy should have obtained shareholder approval before selling shares in the PIPE financing, which would have led to a change in control.

However, Ton Strategy said it believed, based on outside adviser guidance at the time, that it had complied with the ￰13￱ Nasdaq did not recommend a delisting, the notice places the publicly listed firm under closer ￰14￱ the company reported that the Nasdaq notice does not have an immediate effect on its continued listing on the exchange, provided it continues to meet other listing ￰15￱ Strategy has positioned itself as a long-term treasury builder for Toncoin, currently holding more than 217 million ￰16￱ company has 45 days to present a plan to regain compliance. Don’t just read crypto ￰17￱ ￰18￱ to our newsletter. It's free .