Toncoin (TON) Grapples with Price Glitch, Network Strain, and Bearish Sentiment
Toncoin (TON), the Telegram-backed layer one blockchain, has been navigating a period of challenges recently. While the project continues development efforts and ecosystem expansion, technical hiccups, network strain, and broader market conditions have impacted its price.
Toncoin Price Glitch and Investor Jitters
A glitch in a Russian API caused CoinMarketCap to display a wildly inaccurate price for TON, briefly showing a 94% drop. This sparked panic among investors, with fears of a rug pull emerging.
Despite the error being rectified quickly, the incident highlighted underlying investor concerns surrounding TON, particularly in light of recent network outages and legal issues faced by Telegram founder Pavel Durov.
TON Network Outages and Scaling Efforts
TON has experienced periods where block production stalled, raising questions about its scalability. However, the network has recovered and surpassed 1 billion transactions, showcasing its potential. The team acknowledges the strain caused by rapid adoption and is actively working on solutions.
Open Season Airdrops and Ecosystem Growth
TON is gearing up for its next airdrop season, “Open League Season 6,” aiming to attract new users and boost engagement. The TON Ventures arm has launched a $2.5 million TON Accelerator program to support projects building on the Toncoin chain. Binance has also listed TON for its Simple Earn Locked Products, offering an APY of up to 5.9%.
TON/USD Price Correction and Technical Analysis
TON’s price has dropped significantly in recent weeks, currently trading around $5. Some technical analysts predict a further decline towards $4.5 or even $2.7 in the near term. This correction could be part of a larger distribution phase following its mid-June all-time high of $8.25.
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