The Toncoin (TON) community, despite being introduced as the top cryptocurrency of the Telegram messaging app, does not seem to have the expected excitement despite new crypto-focused features.
Current Status of Toncoin
After Pavel Durov’s speech at the TOKEN2049 event in Dubai, all eyes turned to Toncoin (TON). Following this speech, it was observed that TON’s seven-week rise had ended.
Toncoin (TON), known for its close relationship with Telegram, completely crashed on major spot exchanges, dropping from $7.2 to $6.3.
Due to this, the recently famous altcoin ended its triple-digit rise and lost 12.5% of its value in less than 30 minutes.
After the decline, a $1.14 million TON/USDT long position was liquidated in the futures market. The TON price rise that began in February was marking 141%.
Despite an important announcement by Telegram founder Pavel Durov following this process, TON fell. The announcement highlighted Telegram stickers, emojis, and NFTs, and mentioned the creation of a tipping system on the TON blockchain.
Also, Paolo Ardoino, a prominent figure from Tether, announced that Tether (USDT), the world’s largest stablecoin by volume, was launched on TON.
Before the important announcement at TOKEN2049, Pavel Durov had published an interview with American commentator Tucker Carlson. However, the interview was interpreted as “buy the rumor – sell the news.”
In line with Tether Limited’s “Transparency” process, Tether (USDT) will join the network on TON with an initial capital of $10 million. This amount will represent less than 0.01% of Tether’s total USDT market value.
In addition, a comparison is being made with Tether’s combined USDT market value, which is moving towards an incredible level of $110 billion. Also, looking at the Tether Transparency page, it is indicated that stablecoins like XAUT, EURT, CNHT, and MXNT will also start transactions on TON.
What is the Current Dollar Value of TON?
While all this was happening, a further retreat in the TON price was observed. As of the time of writing, TON had fallen to $6.138 following the decline.
During this period, TON fell to $21 billion, placing it ninth in the market rankings. Despite this, the 24-hour trading volume increased by 174% and was at $1.14 billion.
