{"id":4320,"date":"2024-09-06T20:25:27","date_gmt":"2024-09-06T20:25:27","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4320"},"modified":"2024-09-06T20:25:27","modified_gmt":"2024-09-06T20:25:27","slug":"80-of-toncoin-holders-currently-underwater-further-ton-price-decline-in-the-cards","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4320","title":{"rendered":"80% of Toncoin Holders Currently Underwater: Further TON Price Decline in the Cards?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

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.
\nOn-chain metrics suggest that the asset\u2019s price may tumble even more in the near future.<\/p>\n

<\/a><\/h2>\n

TON Investors Take a Blow<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

<\/a>TON Price, Source: CoinGecko<\/p>\n

The price started declining after the arrest of Pavel Durov. Recall that the founder and CEO of Telegram <\/span>was <\/span>detained<\/span><\/a> in France over accusations that <\/span>the messaging app was used<\/span> for illicit activity, such as drug trafficking, fraud, and child sexual abuse.\u00a0<\/span><\/p>\n

Toncoin (TON) is somewhat related to Telegram since it is the native cryptocurrency of The Open Network \u2013 a blockchain originally developed by the messaging application.<\/span><\/p>\n

Somewhat <\/span>expectedly<\/span>, TON\u2019s plunge negatively affected investors of the asset. IntoTheBlock data <\/span>shows<\/span><\/a> that nearly 80% of the holders are currently sitting on paper losses, whereas only 9.3% are in the green.<\/span><\/p>\n

The only cryptocurrency from the top 15 <\/span>club<\/span> with a higher ratio of investors underwater is Cardano (ADA). <\/span>Almost 85% of the <\/span>token\u2019s<\/span> holders are in <\/span>the<\/span> red <\/span>as of<\/span> the moment.<\/span><\/p>\n

The Correction Might Continue<\/span><\/h2>\n

One <\/span>important<\/span> metric suggesting that TON\u2019s price could be on the verge of a further decline is the on-chain signal Large Transactions, <\/span>which is<\/span> down 0.46% daily. It is a momentum indicator showing the change in <\/span>the number of<\/span> transactions greater than $100,000.\u00a0<\/span><\/p>\n

Earlier this week, <\/span>the<\/span> popular crypto analyst Ali Martinez claimed that TON needs to reclaim the $4.70 support level \u201csoon\u201d to prevent a crash to as low as $2.60. <\/span>Recall that the<\/span> asset\u2019s price jumped above the aforementioned mark on September 6.<\/span><\/p>\n

#Toncoin<\/a> needs to reclaim the $4.70 support level soon. If $TON<\/a> fails to do so, a 45% correction down to $2.60 could be likely. pic.twitter.com\/Jv0V47sXjQ<\/a><\/p>\n

\u2014 Ali (@ali_charts) September 4, 2024<\/a><\/p>\n

The post 80% of Toncoin Holders Currently Underwater: Further TON Price Decline in the Cards?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR 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. On-chain metrics suggest that the asset\u2019s price may tumble even more in the near future. TON Investors Take a Blow Toncoin (TON) experienced a real bull run at […]<\/p>\n","protected":false},"author":0,"featured_media":4321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4320"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4320"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4321"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}