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Toncoin’s price continued its strong sell-off on Monday as most tap-to-earn tokens on its network crashed and burn volume retreated.
Toncoin retreated to $4.90, down 41% from its highest point this year. It has also fallen nearly 30% since Aug. 24, when its founder Pavel Durov was arrested in France.
The sell-off coincided with mixed news about its ecosystem. On the positive side, stablecoin volume in the ecosystem has soared to over $1 billion for the first time.
Most of these coins are Tether, the industry’s largest stablecoin. An increase in stablecoins is a sign that the network is gaining traction among users, as they are the primary currencies used in the blockchain industry.
Toncoin’s price has, therefore, dropped due to several weak metrics in the ecosystem. For example, data from TonStat shows that the daily number of TON tokens burned has sharply declined in recent days, standing at 6,373, much lower than the year-to-date high of over 32,000. 3 replies
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