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Toncoin (TON) fell 5.72% over the past 24 hours, trading at $1.88 on November 5, 2025. Its market cap stands at $4.68 billion, with a fully diluted valuation of $9.7 billion, according to CoinMarketCap data. Trading activity weakened as daily volume slipped 15.46% to $237.16 million, signaling reduced momentum among market participants.
The token’s circulating supply is 2.48 billion TON, out of a total supply of 5.14 billion, resulting in a volume-to-market-cap ratio of 48.8%. Toncoin briefly touched $1.89 before declining steadily throughout the session. Its profile score of 57% reflects cautious sentiment, with buyers showing limited conviction. The absence of a defined maximum supply also weighed on investor confidence, as short-term traders shifted to defensive positions.
Market unease deepened after TON Strategy Company disclosed it had received a formal reprimand from Nasdaq on October 28, 2025. The Listing Qualifications Department found that TON Strategy violated Listing Rules 5635(a) and 5635(b) concerning shareholder approval requirements. Nasdaq ruled that, although compliance failures occurred, they were not intentional, and therefore, delisting was avoided.
The reprimand followed a notice dated October 9, 2025, regarding TON Strategy’s private investment in public equity (PIPE) deal, which was finalized on August 7, 2025. The transaction involved management restructuring and new ownership under Kingsway Capital Limited Partners, which acquired approximately 19.99% of the outstanding shares.
Further investigation revealed that the company’s issuance of stock and pre-funded warrants triggered a change of control, requiring shareholder approval. Additionally, a subsidiary’s $272.7 million Toncoin purchase on July 31, 2025, breached Rule 5635(a) since 48.78% of PIPE proceeds funded the acquisition, surpassing the 20% limit.
The TON Strategy stated it relied on legal and financial advisors who confirmed compliance during the PIPE process. Nasdaq acknowledged the violations as inadvertent, citing the company’s clean compliance record. CEO Veronika Kapustina confirmed the firm accepted the reprimand and that no further action was required.
Following the disclosure, traders adopted a defensive stance. Spot Taker CVD turned negative, extending a week-long seller dominance trend. Meanwhile, Spot Netflow shifted to a positive $2.47 million, signaling increased token transfers to exchanges. Historically, positive Netflow has preceded additional downside movements, suggesting holders may prepare for further sales.
The developments have raised one critical question: could stronger governance have prevented the breach? Despite the resolution, the episode illustrates how corporate governance gaps can impact market sentiment and trading behavior. As institutions continue accumulating Toncoin, traders now look toward the $1.80 support and a potential rebound above $2, which could lift prices toward $2.30 in the near term.
Toncoin’s price decline to $1.88 reflects growing caution after TON Strategy’s Nasdaq reprimand for shareholder approval breaches. While institutional demand persists, investors are closely watching governance developments, as support at $1.80 and resistance at $2.30 shape Toncoin’s next move.
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