Nasdaq-listed livestream social commerce platform Verb Technology recently announced plans to create a publicly traded treasury reserve for Toncoin (TON<\/a>), but crypto investors appear to be unimpressed.<\/p>\n Despite Verb\u2019s announcement<\/a> of a $558 million PIPE deal on Aug. 4, the token plunged in the hours following the news. As of press time, TON has dropped 7.6% in the past 24 hours to trade around $3.30, making it the biggest loser among the Top 100 cryptocurrencies, according to CoinGecko.<\/p>\n In the announcement, Verb \u2014 which plans to rebrand as TON Strategy Co, or just TSC \u2014 said it aims to become \u201cone of the largest holders\u201d of TON by using most of the PIPE proceeds to acquire the token, betting on its future as the exclusive blockchain powering Telegram\u2019s vast ecosystem. <\/p>\n The deal is backed by heavyweight crypto investors, including Kingsway Capital, an institutional firm closely involved with the TON Foundation, along with Blockchain.com, Ribbit Capital, and others, and is expected to close around Aug. 7, according to the press release.<\/p>\n Following the news, Verb\u2019s shares surged roughly 114%, reaching levels last seen in July 2024, per data<\/a> from Yahoo Finance.<\/p>\n But the crypto market reaction has been somewhat cold. Analysts and traders alike seem to remain cautious, reflecting a pattern of recent setbacks and unfulfilled promises surrounding TON that have sapped investor confidence.<\/p>\n TON\u2019s journey has had its ups and downs, despite its close ties with Telegram. Earlier this year, TON was named<\/a> Telegram\u2019s main blockchain partner, supporting features such as mini apps, tokenized usernames, payments, and ads. The TON ecosystem also launched<\/a> TON Wallet inside Telegram for U.S. users, marking a significant milestone for the network.<\/p>\n That said, the planned $558 million token purchase hasn\u2019t started yet, so it\u2019s unclear how the influx of liquidity will impact TON\u2019s price. Animoca Brands previously pointed out<\/a> that many companies only hint at treasury token buys without actually making large purchases, meaning the recent stock rallies may reflect investor speculation about intentions rather than real market activity.<\/p>\n So far, these efforts haven\u2019t helped keep TON\u2019s price steady. It remains unclear if TON Wallet\u2019s push in the U.S. had much of an impact. The Defiant reached out to TOP, the team behind TON Wallet, but received no response despite several attempts.<\/p>\n In early July, TON\u2019s price jumped 10% after Toncoin said in a now-deleted blog post<\/a> that TON holders could apply for a ten-year U.A.E. Golden Visa by staking $100,000 worth of TON for three years and paying a one-time $35,000 fee.<\/p>\nTON Price Impact Uncertain<\/h2>\n
![\"Verb](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fad_4nxd7eov1qeb55r_fs4osdkktbkqre5pa_ugwzh7daik3jpp4zxok0eft-fd782c19-4bab-4eaf-81f5-f6f4adcf60fa.png&w=3840&q=100\"\/)
Bumpy Road<\/h2>\n