The Juicy Crypto Meltdown Everyone’s Talking About! 😱

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Once flying higher than Bridget’s hopes on New Year’s Day, Toncoin hit $8.27 in June 2024, and now? Well, let’s just say it’s in a bear market so deep, it’s debating ordering a shovel. 🚨

This once-mighty token (TON) has tumbled — correction: somersaulted — by 57%! Meaning it’s now at $3.53, and *ouch*, there goes $9 billion in market cap. From $18 billion to $8.8 billion, Toncoin’s been downsizing faster than a company on Monday after a bad earnings report.

And why, you ask? Oh, nothing dramatic 🙄. Just their fearless leader, Pavel Durov, getting himself charged in France with, um, *checks notes* a dozen crimes. 🤦‍♂️ You know, the usual: drug trafficking, sharing horrifying content, and, oh yes, enabling illicit shenanigans. Seriously, was anyone watching this guy?

Meanwhile, the rest of TON’s ecosystem isn’t just falling—it’s doing epic, Oscar-worthy nosedives. Let’s talk HMSTR (yes, “Hamster Kombat”—hold the judgment, please 🤐). It’s crashed by over 80%, leaving it valued at just $103 million. Market analysts, clearly fueled by some *very* strong optimism, had projected $10 billion due to its 300 million users. Spoiler alert: Didn’t happen.

Not wanting to be left out of the face-planting fun, other players like Tapswap, Notcoin, Catizen, and DOGS are all joining the 💔 club, with double-digit losses. How’s that for camaraderie?

And wallets? 👜 Forget it. They’ve practically ghosted. According to TonStat (sounds fancy, but the numbers aren’t), active monthly wallets plunged to four million—the lowest since July last year. Back in August, TON strutted around with 12 million wallets. Now? A sad group chat of four.

Oh, and on-chain wallet activations? 30,778. Down from 655,000 in August. I mean, who wouldn’t want to leave this party? Daily transactions? Declining. Annual inflation rates? Oof. It’s like a bad ex who keeps saying, “I’ve changed,” but keeps borrowing money. 🙄

Even TON’s decentralized finance ecosystem is, well, deflated. Total value locked? $172 million, placing it at #37 in the blockchain world. Decentralized exchange protocols processed $629 million in the past 30 days. Sounds decent, until you realize Base (a blockchain that’s probably laughing across the room) did $40 billion. Yeah, BILLION. 🫠

Toncoin’s Price Analysis: Spoiler—It’s Not Great

If we consult the “sciencey” stuff (charts, lines, indicators), Toncoin peaked at $8.2790 last June and has since painted itself into a lovely little corner. The death cross pattern? Basically, the 50-day and 200-day exponential moving averages high-fived each other on the way down. 📉

It has sunk below $4.45 (September 5’s lowest point) and kissed goodbye to support at the 61.8% Fibonacci retracement level. 🤷‍♀️ Oh, and the Relative Strength Index and MACD indicators? Both pointing down faster than Bridget Jones realizing she’s out of Chardonnay for the night.

In short, analysts think this sinking ship might still hit $2.68, its 78.6% retracement level. Good luck, Toncoin—you’ll need it. 🚤💨

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2025-02-19 19:57