Toncoin Faces Major Decline Amid Ecosystem Woes
Toncoin (TON) has experienced a notable price drop, falling to $2.90.This represents a 65% decrease from its 2024 peak. The cryptocurrency has been on a downward trend for six weeks, hitting its lowest point since March 11.
The decline is linked to weak on-chain and ecosystem metrics. Many tokens within the Toncoin ecosystem, such as Hamster Kombat (HMSTR) and Catizen (CATI), have lost over 80% of their value. Tapswap, a tap-to-earn game with 70 million users, has also seen its market cap plummet to $2.90 million.
The TON Blockchain is facing challenges.Daily transactions have dropped from 20 million to 2.215 million. Monthly active wallets have decreased from 5.2 million to 2.8 million. Users are leaving the network due to disappointing token performance.
The total value locked in the TON Blockchain has fallen from over $1 billion to $153 million. Weekly transaction volume in TON’s DEX ecosystem is now $68 million,lower than chains like Aptos (APT) and Unichain.
Price analysis shows TON peaked at $8.2440 in June 2023. It recently fell below the $4.550 support level. The coin is now at $2.9155, with the 50-week moving average and Stochastic Oscillator indicating a bearish trend. The Average Directional Index suggests further decline, with sellers targeting $2.00.
