The cryptocurrency market saw divergent narratives unfold this week, with Toncoin (TON) experiencing a dramatic price surge fueled by a controversial residency program, while Solana-based decentralized exchange Jupiter (JUP) navigated internal governance challenges with minimal immediate market impact. These events highlight the varied catalysts driving token performance, from ambitious utility partnerships to fundamental protocol adjustments.

TON Price Skyrockets on UAE Golden Visa News Amid Community Skepticism

Toncoin (TON) captured the market's attention following a July 6 announcement by Max Crown, CEO of the TON Foundation, detailing a new pathway to secure a 10-year UAE Golden Visa. The initiative requires applicants to stake $100,000 worth of TON for three years, supplemented by a one-time $35,000 processing fee. According to the foundation, stakers would earn an estimated 3-4% APY during the lock-up period. The news triggered an immediate and explosive rally for TON. The token’s price surged 12.4%, climbing from a support level of $2.75 to a peak of $3.06. This rally was underpinned by extraordinary trading volume. The breakout began during the 7:00 hour on July 6, when volume spiked to nearly 13 million tokens. This was followed by a massive 57.5 million token volume surge in the subsequent 8:00 hour, which propelled TON to its daily high. Following the peak, the price has established a new trading range, with support forming around the $2.86 to $2.89 zone and resistance appearing near $3.03.

Trader Caution Advised as Details Emerge

Despite the initial euphoria and strong buying pressure, significant skepticism emerged from prominent figures within the crypto community, casting doubt on the program's legitimacy and structure. Bobby Ong, co-founder of CoinGecko, called it an amazing story that could attract significant capital but hoped it was not a fleeting scheme. More pointed criticism came from Joe HedgedHog, an investment partner at Sigil Fund, who clarified that this is not an official UAE government partnership. Instead, he noted it is an initiative by a third-party legal firm using TON as a payment and staking mechanism for clients applying under the existing entrepreneur visa category. This sentiment was echoed by the Head of Strategy at Gearbox Protocol, who labeled the announcement potentially misleading, emphasizing that the $35,000 fee is non-refundable and approval is not guaranteed by the UAE government. Even former Binance CEO Changpeng Zhao advised caution, stating his principle of “trust but verify” and pointing out the lack of an official government announcement. For traders, this means the initial price pump may be built on fragile sentiment, subject to sharp reversals if the program fails to deliver on its promises or faces regulatory scrutiny.

Jupiter DEX Pauses Governance, Citing Trust Issues in Solana Ecosystem

In a contrasting development, the Solana-based decentralized exchange Jupiter announced a significant shift in its governance model. Jupiter executive Kash Dhanda revealed in a post that the protocol will pause all DAO votes until the end of 2025. He explained the decision was made because the current structure was not “working as intended,” leading to a “breakdown in trust” and a “perpetual FUD cycle.” This move is intended to allow the team to focus on development during what Dhanda described as a “critical period” to define the future of DeFi. The decision had a muted impact on the token's price, with JUP trading flat around $0.40 on the day of the announcement. However, the token's performance in the wider market context has been weak, having lost 21.8% of its value over the past 30 days.

The broader Solana (SOL) ecosystem, where Jupiter is a key player, has also faced headwinds. Current market data shows SOL trading at approximately $148.60 against USDT, down over 2% in 24 hours. The SOL/BTC pair is also down, trading at 0.00137230 BTC, indicating some underperformance relative to Bitcoin. While active staking rewards for JUP holders will continue at a rate of 50 million JUP per quarter, the pause on new DAO-funded initiatives effectively freezes a key utility of the token. The lack of a strong price reaction suggests that the market may have already priced in governance difficulties or is more focused on macroeconomic factors and the overall health of the Solana network. Traders will be watching to see if the Jupiter team can successfully navigate this period and return in 2026 with a more robust governance framework that restores community confidence and drives value back to the JUP token.