TON ecosystem coins experience the worst performance
On this day, September 5, 2024, the TON-related cryptocurrency market exhibits a significant downturn. Key assets within this sphere are lagging behind the general market performance. Among the top 100 cryptocurrencies by market cap, TON-associated currencies comprise two of the five least successful today.
Amid today's top 100 cryptocurrencies by market capitalization, Notcoin (NOT), a principal cryptocurrency within the TON framework, occupies the bottom spot.
With a decline of 6.4%, Notcoin's (NOT) drop is on par with the losses faced by Cosmos (ATOM). Overall, today saw the cryptocurrency market's capitalization shrink by 2%.
The foundational currency of the TON blockchain, Toncoin (TON), has decreased by 5.7%, marking it as the third greatest loss of the day. Consequently, the total market cap of cryptocurrencies has fallen below $11.8 billion.
Dogs (DOGS), the most substantial airdrop in the TON ecosystem to date, has decreased by 3.4%, nearing a drop below the $500 million mark in market capitalization.
Dogs (DOGS) has been unable to recover following complications with the airdrop, shedding one-third of its market value over the previous week.
Additionally, on September 2, 2024, a trader of DOGS encountered a severe $2.72 million long liquidation, a significant loss in the realm of small-cap altcoins.
Resistance Dog (REDO) Stands Out with Positive Performance
Contrastingly, Resistance Dog (REDO) is the sole major cryptocurrency built on the TON platform to have seen a price increase in the past day.
The value of REDO has soared by 22%, with its market capitalization rebounding to over $35 million.
Since its debut in early August 2024, REDO has experienced a dramatic surge in liquidity, particularly after the arrest of Pavel Durov in Paris, which led to a 300% increase in its price shortly thereafter.
The trouble facing the TON ecosystem is likely a result of the legal uncertainties surrounding Pavel Durov and the TON mainnet's instability during periods of high usage. Additionally, a recent rapid decline in TON's price due to API issues sparked widespread alarm across the market.
