Cardano

2024

Gram (prev. 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-rel-noopener-noreferrer-nofollow-a"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/TON_CB.jpg" rel="noopener noreferrer nofollow"></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 style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price.png" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2024/09/TON-Price.png" alt="TON Price" width="575" height="400"></a>
 <figcaption>
 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 href="https://cryptopotato.com/toncoin-ton-plummets-19-amid-reports-about-telegram-ceos-arrest-in-france/" target="_blank" rel="noopener noreferrer nofollow">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 href="https://app.intotheblock.com/coin/TON" target="_blank" rel="noopener noreferrer nofollow">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-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" target="_blank" rel="noopener noreferrer nofollow">#Toncoin</a> needs to reclaim the $4.70 support level soon. If <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$TON</a> fails to do so, a 45% correction down to $2.60 could be likely. <a href="https://t.co/Jv0V47sXjQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Jv0V47sXjQ</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1831389010541081033?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">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="noopener noreferrer nofollow">80% of Toncoin Holders Currently Underwater: Further TON Price Decline in the Cards?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

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

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