Notcoin

Toncoin

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Toncoin (TON) has seen outflows in the last 24 hours after recording huge gains in recent months. The native utility token of The Open Network is down 3.28% today and over 5% this week. The weekly liquidation for the asset comes amid positive inflows across the cryptocurrency market.&nbsp; 
The crypto market has recorded positive sentiments in the aftermath of the <a href="https://coingape.com/markets/bitcoin-price-will-softer-cpi-send-btc-to-70000-in-may/" target="_blank" rel="noopener">CPI report</a> which shows declining U.S. inflation. As a result, the price of Bitcoin (BTC) soared above $66,000 marking a sharp increase from previous levels. This rise was also seen in altcoins with several assets making double-digit gains.&nbsp; 
<h2 id="strong-reasons-for-bearish-tone-strong">Reasons For Bearish Tone&nbsp;</h2> 
Toncoin is known for outpacing top coins this year due to partnerships and on-chain developments. However, recent corrections have raised bearish concerns. Firstly, the asset has recorded plunging daily volumes. At press time, <a rel="nofollow" href="https://coinmarketcap.com/currencies/toncoin/#News" target="_blank">TON</a> trades at $6.462 with daily trading volumes at $280 million, a 34.7% decline.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-197659" src="https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1.jpeg" alt="" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/05/TON_1D_graph_coinmarketcap-1-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px"> 
This led to a bullish sentiment placing weekly flows in the red zone. The recent decline of gaming tokens, Notcoin is also linked to the fall of Toncoin. NOT slumped 50% after marking sharp gains in the market. The asset’s recent surge was due to its airdrop marking the launch with a frenzy across crypto spaces.&nbsp; 
Notcoin picked up huge announcements from Binance, OKX, and Bybit attracting more flows within hours generating $294 million in volumes. The decline started when most users began selling their assets leading to a crash in price. Crypto analysts drew lines with the pattern of most airdrops as users look to make quick profits. 
<h2 id="span-style-font-weight-400-strong-toncoin-s-yearly-rise-strong-span">Toncoin’s Yearly Rise&nbsp;</h2> 
This year, Toncoin was hailed as an asset that outpaced <a href="https://coingape.com/trending/ton-outperforms-bitcoin-by-118-whats-driving-the-network/" target="_blank" rel="noopener">Bitcoin</a> despite huge growth recorded in the latter following spot ETF approval by the Securities and Exchange Commission (SEC). TON outpaced BTC with over 160% year-to-date gains as BTC registered corrections after hitting an all-time high.&nbsp; 
Recently, TON Whales increased market activity with over $1 billion worth of assets pushing its price.&nbsp; 
Also Read: <a href="https://coingape.com/trending/heres-why-xrp-price-can-surge-3000-to-gain-18-soon/" target="_blank" rel="noopener">Here’s Why XRP Price Can Surge 3000% To Gain $18 Soon </a> 
The post <a href="https://coingape.com/trending/toncoin-faces-weekly-liquidations-heres-why/">Toncoin Faces Weekly Liquidations: Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Toncoin Faces Weekly Liquidations: Here’s Why

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