Cardano

2024

Toncoin

TL;DR 
<ul> 
 <li>Toncoin (TON) saw a sharp drop from its June high, currently trading 40% lower amid negative news, leaving nearly 80% of its investors at a loss.</li> 
 <li>On-chain metrics suggest that the asset’s price may tumble even more in the near future.</li> 
</ul> 
<h2 id="a-href-https-cryptopotato-com-wp-content-uploads-2024-09-ton_cb-jpg-data-wpel-link-internal-a"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/TON_CB.jpg" data-wpel-link="internal"></a></h2> 
TON Investors Take a Blow 
Toncoin (TON) experienced a real bull run at the start of 2024, with its price rising to a new all-time high of almost $8.20 in mid-June. However, the asset lost momentum towards the end of August and currently trades at around $4.80, or 40% less than the peak observed at the beginning of the summer.&nbsp; 
<figure id="attachment_358491" aria-describedby="caption-attachment-358491" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price.png" data-wpel-link="internal"><img class="wp-image-358491" src="https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price.png" alt="TON Price" width="575" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price.png 837w, https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price-300x209.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price-768x534.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price-50x35.png 50w" sizes="(max-width: 575px) 100vw, 575px"></a>
 <figcaption id="caption-attachment-358491" class="wp-caption-text">
 TON Price, Source: CoinGecko
 </figcaption>
</figure> 
The price started declining after the arrest of Pavel Durov. Recall that the founder and CEO of Telegram was <a class="editor-rtfLink" href="https://cryptopotato.com/toncoin-ton-plummets-19-amid-reports-about-telegram-ceos-arrest-in-france/" target="_blank" rel="noopener" data-wpel-link="internal">detained</a> in France over accusations that the messaging app was used for illicit activity, such as drug trafficking, fraud, and child sexual abuse.&nbsp; 
Toncoin (TON) is somewhat related to Telegram since it is the native cryptocurrency of The Open Network – a blockchain originally developed by the messaging application. 
Somewhat expectedly, TON’s plunge negatively affected investors of the asset. IntoTheBlock data <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/TON" target="_blank" rel="noopener" data-wpel-link="external">shows</a> that nearly 80% of the holders are currently sitting on paper losses, whereas only 9.3% are in the green. 
The only cryptocurrency from the top 15 club with a higher ratio of investors underwater is Cardano (ADA). Almost 85% of the token’s holders are in the red as of the moment. 
<h2 id="span-data-preserver-spaces-true-the-correction-might-continue-span">The Correction Might Continue</h2> 
One important metric suggesting that TON’s price could be on the verge of a further decline is the on-chain signal Large Transactions, which is down 0.46% daily. It is a momentum indicator showing the change in the number of transactions greater than $100,000.&nbsp; 
Earlier this week, the popular crypto analyst Ali Martinez claimed that TON needs to reclaim the $4.70 support level “soon” to prevent a crash to as low as $2.60. Recall that the asset’s price jumped above the aforementioned mark on September 6. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Toncoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Toncoin</a> needs to reclaim the $4.70 support level soon. If <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">$TON</a> fails to do so, a 45% correction down to $2.60 could be likely. <a href="https://t.co/Jv0V47sXjQ" data-wpel-link="external" target="_blank">pic.twitter.com/Jv0V47sXjQ</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1831389010541081033?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">September 4, 2024</a>
</blockquote> 
The post <a href="https://cryptopotato.com/80-of-toncoin-holders-currently-underwater-further-ton-price-decline-in-the-cards/" rel="nofollow">80% of Toncoin Holders Currently Underwater: Further TON Price Decline in the Cards?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

80% of Toncoin Holders Currently Underwater: Further TON Price Decline in the Cards?

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