Telegram and xAI have not finalized the long-awaited deal. TON investors erupt after revelations from Pavel Durov and Elon Musk. Explore the details of this broken promise and its implications for the market.
Cryptocurrencies continue to experience highs and lows, reflecting the market’s instability. However, it was the reversal of the partnership between Telegram and xAI that particularly shook TON investors this week.
On Tuesday, Pavel Durov, CEO of Telegram, announced a partnership with Elon Musk to integrate the Grok AI technology from xAI into the messaging app. However, xAI’s CEO quickly denied this information, stating that no agreement had been reached. This statement led to a 9% drop in the price of TON, the Telegram-associated token.
Although Durov later confirmed that the agreement was not yet finalised, the damage had been done. TON, which had initially surged by 14% following the initial announcement, saw its momentum completely halted. Investors, taken aback by this unexpected setback, chose to disengage, fearing the agreement may not materialize.
According to the initially revealed details, this agreement would have allowed Telegram to receive 50% of the revenue generated from Grok subscriptions on its platform. Additionally, Telegram would have received 300 million dollars in cash and stocks as part of a 1.5 billion dollar funding supported by giants like BlackRock, Mubadala, and Citadel.
The integration of Grok, an advanced AI technology, would certainly have strengthened Telegram’s capabilities and boosted the adoption of its TON token. However, Elon Musk’s denial abruptly dashed these hopes, leaving investors disappointed and TON under pressure.
This reversal highlights the volatile nature of the cryptocurrency market, where announcements can quickly be refuted or questioned. Industry players will need to remain vigilant and rely on reliable sources to make informed decisions.
This TON incident reminds investors of the importance of caution and thorough analysis of information, especially in a market as dynamic and volatile as cryptocurrencies. Rumours and announcements must be verified before acting, to avoid sudden losses.
Despite this setback, TON remains a cryptocurrency to watch closely. Telegram maintains strong ambitions, and the possibility of a future partnership with xAI or other AI players should not be dismissed. Informed investors will seize the opportunities that arise while staying vigilant amid market uncertainties.
Furthermore, TON has managed to stay above its 100-day moving average. A positive close of the next daily candles will be decisive, according to trader Dynamite.
For those looking to speculate on this potential major partnership, here is a quick guide to acquire Toncoin (TON) on Bitget in a few simple steps:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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