The price of Toncoin has seen a further decline, breaking through a significant support level as the broader market for cryptocurrencies experienced a drop
On September 4th, Toncoin (TON) experienced a 15% decrease, marking it as the poorest performer among the top ten cryptocurrencies. The value declined to an all-time low of $4.60, representing a drop of over 44% from its record high in 2023. Consequently, its market capitalization decreased from a maximum of $23 billion to $11 billion
The decline in the value of Toncoin (TON) occurred concurrently with a reduction in funds invested within its Decentralized Finance (DeFi) applications. The Total Value Locked (TVL), which was at a year-to-date high of $770 million, dropped to $318 million – reaching its lowest point since June. When measured against Toncoin, the TVL decreased from 115 million TON to 66.1 million TON
“The dominance of the TON blockchain within the DeFi sector is no longer uncontested as it faces challenges from new entrants such as Linea, Mantle, Aptos, and Cronos. This could potentially lead to a shift in market share among the top DeFI chains.”
“The recent performance of this coin has been weaker compared to other major chains like Solana, Avalanche, and SUI. In the last 30 days, its total value locked has dropped by 33%, while the aforementioned coins have risen by over 26%.”
According to a report by Messari, a well-known blockchain analytics firm, the trading volume on The Open Network’s (TON) decentralized exchanges has dropped significantly more than other major blockchains like Ethereum (ETH) and Solana in the past week. Specifically, the trading volume on TON decreased by approximately 62% to $144 million. This is a stark contrast to Ethereum (ETH), whose trading volume declined less than 30%, and Solana with trading volume also dropping by less than 30%
“The recent actions by TON‘s leadership, Telegram CEO Pavel Durov, may have been influenced by his alleged involvement in serious crimes, including aiding organized crime and refusing to comply with law enforcement orders. If convicted on all charges, Durov could potentially face over ten years in prison.”
In the coming weeks, investors can expect the next potential catalyst for the price of the cryptocurrency Toncoin (TNC) will be from the upcoming Tapswap and Hamster airdrops. These events are scheduled for September 26th and the specific date of the TapSwap airdrop has not been confirmed, but the developers have committed to launch it in the third quarter of this year
When Hamster (the larger platform) and TapSwap (the smaller platform) begin to trade more actively, it is a sign that there is increased interest and engagement in the crypto market among their respective user bases. This could be due to various factors such as:
According to the latest on-chain data, the number of active wallets using TON (Theta Network) has reached an all-time high of 14.6 million, while the total supply of TON has skyrocketed to a new record high of 5.1 billion. This indicates a significant and growing adoption rate among users
TON price crossed a key support
After reaching its low of $4.76 in May and August, the price chart for Toncoin exhibits a “head and shoulders” pattern, which is a bearish sign according to technical analysis, suggesting that the price may continue to decline
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2024-09-04 18:32