Elon Musk Says Telegram and Grok AI Deal Not Signed, TON Price Plunges Following a Rally

• Elon Musk said the Telegram and xAI deal was not signed
• Pavel Durov also confirmed that formalities are pending, contradicting his earlier announcement
• The TON price is trending amid growing interest in the Telegram and xAI partnership.

Telegram became the talk of the town in the crypto community on its partnership deal with Elon Musk-led Grok AI. While Pavel Durov announced that Telegram and xAI agreed to a 1-year partnership deal, Elon Musk condemned it, saying it is not true. This created confusion in the community and raised concerns about its impact on the TON price

Pavel Durov posted on his official X account yesterday regarding the Telegram and xAI 1-year partnership deal. Durov stated the following details through his X post,

“Telegram will receive $300M in cash and equity from xAI, plus 50% of revenue from xAI subscriptions sold via Telegram.”

The Telegram and xAI partnership news generated a considerable amount of enthusiasm from the crypto community. On another note, TON Foundation introduced Nikola Plecas as the Vice President of Payments. The TON Foundation is focused closely on integrating financial tools with the Telegram platform. Both of these headlines piqued the interest of investors and led to the TON token price surge yesterday

Elon Musk Let Down the Community, Says “No Deal Has Been Signed”

The TON token price surged considerably yesterday, hours after Pavel Durov’s post on Telegram and the xAI partnership. It even became the top trending token on crypto aggregator platform CoinMarketCap. Meanwhile, Elon Musk disappointed the community, saying, “No deal has been signed.”

Pavel Durov surprised the audience by agreeing with Elon Musk. He said the partnership was in principle, and formalities are still pending. However, none of them mentioned when the partnership deal would be effective and whether it would still follow through

TON Price Plunges Following a Sharp Price Spike

Toncoin Price (Source: CoinMarketCap)The TON price surged around 12% yesterday following the Telegram and xAI partnership. It reached a high of around $3.67 from the lows of $2.98 within a few hours. However, the token is currently trading at $3.33. It is down 6.07% in the last 24 hours, thanks to Elon Musk’s clarification on Telegram and the xAI partnership

The Toncoin trading volume is still on the rise with a 118.24% surge. The confusion around the partnership announcement has driven investors to speculate on the TON price. Nonetheless, it became clear that the token will experience another surge once the partnership becomes effective and Grok AI goes live on Telegram

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