In crypto, all it takes is a single tweet or keystroke for fortunes to be made or millions, if not billions, to be torched. In this world, Changpeng Zhao, the co-founder of Binance, is one of the few figures who wield such unbridled power. As TON USD crumbles, sinking down the market rankings and dropping below the top 30, most of its woes can be traced to free-falling Bitcoin, Ethereum, and some of the best cryptos to buy. However, a level deeper, there might be something more to do with the Binance founder.
At press time, TON is down -10% in the last week of trading, per Coingecko. TON USD has been under immense selling pressure since early August, when it peaked at just below $3.80 before pulling back. As the TON price crumbles, it continues to erase gains. For perspective, TON USD is down -50% year-to-date and -17% in the past month alone. Although it might stabilize, the wave of selling weighs even against optimistic bulls.
(Source: Coingecko)
Zooming in on Coinglass, there is stability and confidence among TON USDT traders. Despite the discouraging sell-off, especially after the dip below critical support on September 22, traders are mostly bullish. The long/short ratio, which compares the number of long and short positions or accounts on Binance and OKX, is above 1. Specifically, on Binance, the long/short ratio among top traders is 3.3, meaning they expect prices to steadily recover in the short to medium term. Meanwhile, net inflows into TON spot exchanges have been growing steadily in the past few hours.
(Source: Coinglass)
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TON USD Drops -30%, Cracks Key Support at $2.7
Bullish as traders might be,
Gram (prev. Toncoin)
2.29%
Gram (prev. Toncoin)
TONCOIN
Price
$1.63
2.29% /24h
Volume in 24h
$17.00M
Price 7d
Buy with Best Wallet
candlestick arrangements reveal a different story. Since rallying to as high as $3.7 in early August, the TON price has retraced sharply.
It is down nearly -25% from Q3 2025 highs, and yesterday, the TON price broke below critical support at around $2.5. While TON USDT recovered, closing the day with a long lower wick that suggested strong buying pressure, there must be follow-through today.
A close above $3 would be ideal. When this happens, the TON price would reverse the losses from September 22, possibly setting the stage for more gains in the days ahead.
Still, the pace of this recovery will depend on whether other blue chips bounce after the flash drop on September 22. Bitcoin is near the psychological $110,000 level, rather than $115,000 or $120,000.
Considering this, the likelihood of BTC USD retesting the former is higher than a surprise rally to $120,000. Any drop below $110,000 may see Bitcoin drag altcoins, including TON USD, below critical support levels.
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Blame Changpeng Zhao for the TON Crypto Dump?
TON USD woes stem not to macro-side market risks, but to fundamental events like Changpeng Zhao’s tweet. In the top 30, HYPE USDT is the biggest loser in the past day, while SOL USD wasn’t also spared.
However, TON is also in the crosshairs after the Binance founder dropped a grenade, this time aimed squarely at Telegram, the global messaging app used by billions. Telegram is tied to TON crypto.
Following a query, Zhao didn’t wait but laid out his grievances. He said most Telegram accounts are fake and that he doesn’t use the messaging app. Although he clarified that he isn’t against Telegram, “anyone can message you when they know your handle” killed it for him.
(Source: cz_binance, X)
The Binance founder claimed he was spammed so much that his phone began lagging. While he gave his feedback directly to Pavel, the spamming didn’t stop.
This was not just an indictment of Telegram but a post that could put more pressure on TON. The TON blockchain is Telegram’s brainchild and came about when the SEC smacked down GRAM.
From Telegram, users can access embedded wallets and mini-apps for games and DeFi. With over one billion active users on Telegram, how fast TON USD expands depends, to some degree, on how fast Telegram attracts users.
Now that Zhao thinks Telegram is full of bots, it is a post that erodes faith in the very platform that funnels users to the TON blockchain, creating demand for TON USD. And with the tweet coming at an uncanny time, it could mean more selling pressure on TON. It will be especially if the Telegram FUD picks up.
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TON USD Dumping, Partly Blame Binance Founder?
- TON USD fell below support before stabilizing
- Traders on Binance are bullish on the TON crypto
- Binance founder thinks Telegram is unusable
- Telegram drives TON and Tonchain
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