In June 2024, the price of Tonquine has crashed and a bear has entered the market.
Tonquine (ton) has declined by 57% to $ 3.53, causing a $ 9 billion wipeout as its market capitalization has fallen from $ 18 billion to $ 8.8 billion.
The token accident began after its founder, Pavel Durov, who was arrested in France with 12 crimes. His allegations include drug smuggling, sharing images of child sexual abuse and illegal transactions permission.
Most of the tokens in its ecosystem failed to meet the expectations of the decline. Hamster Combat (HMSTR) has crashed more than 80% of its all -time high, which is just an evaluation of $ 103 million. Market analysts estimated the evaluation of more than $ 10 billion due to its 300 million users.
Other tokens in the ton blockchain ecosystem, including tapswaps, notcon, catizen and dogs, have also declined by double digits.
More data suggests that the number of active wallets on ton blocks has declined significantly. Tonstat data Indicates that the active monthly wallets have fallen to four million since July last year. The network had more than 12 million monthly wallets in August.
In August, below 655,000, the number of on-chain wallet activation has increased to 30,778. Other on-chant metrics including daily transactions and annual inflation rates have also been recession for coins.
Additionally, ton blockchain has continued to lose market share in other areas. Its decentralized finance ecosystem has a closed total value Dropped Up to $ 172 million, rank it as the 37th largest blockchain. In the last 30 days, its decentralized exchange protocol handled the amount of only $ 629 million compared to the base, which processed $ 40 billion.
Tonquine price analysis
The daily chart suggests that Ton reached $ 8.2790 in June 2024. It recently formed a death cross pattern, as 50-day and 200-day exponential moving average crossed each other.
Toncoin has fallen below the major support level of $ 4.45, which was its lowest point on 5 September. It has also gone below 61.8% Fibonacci retracement level. Both relative power index and MACD indicators are indicating downwards.
Therefore, tonquine is likely to fall, vendors have targeted the major support at $ 2.68, 78.6% retracement level.
