Lưu trữ cho từ khóa: Toncoin

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The largest TON tokens collapsed by 50%: Here are the possible reasons

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TON ecosystem tokens recently listed on major crypto exchanges have significantly dropped.

The largest tokens by market capitalization in the TON ecosystem have seen a sharp decline in the past few days. Relative to the all-time high (ATH), the drop has reached 30-50%.

Notably, many of them were recently listed on major crypto exchanges. These include Dogs (DOGS), Hamster Kombat (HMSTR), and Catizen (CATI). The Toncoin (TON) token has also dropped significantly — more than 8% in a week.

Top TON ecosystem tokens by market capitalization | Source: CoinMarketCap

The market capitalization of the TON ecosystem tokens continues to decline — trading volumes fell by more than 27% to $675 million. The ratio of buy and sell orders on the Binance crypto exchange suggests that traders are rushing to get rid of once-coveted tokens.

DOGS plummeted by 58%, but developers have a plan B

Since its listing on Aug. 26, the DOGS token, 81.5% of which was supplied by the community, has plummeted by more than 58% to $0.0006599. It is noteworthy that there is no vesting period, therefore users were able to trade their DOGS immediately after the airdrop and, as a result, sell them immediately after the listing.

Amid the late token price collapse at the end of September, the DOGS team announced an upcoming token burn to reduce the total DOGS. Typically, token burning aims to increase its value — the number of unclaimed coins that need to be removed from circulation will be voted on by the asset holders.

Hamster Kombat did not live up to expectations after the airdrop

The excitement of the Hamster Kombat community turned bearish shortly after the token distribution. Despite the initial interest in the project, the active selling of HMSTR tokens led to their significant depreciation last week.

At the moment of listing, the coin price on some exchanges reached $0.014, but massive sell-offs quickly reduced the token’s value. Since its launch on Sep. 26, the token has lost 50% in value.

The catalyst for the fall was apparently the unsuccessful airdrop and listing. Users repeatedly complained about the unfair distribution of rewards, the postponement of dates and changes in rules, the low starting price of the HMSTR token trades, and the problem with selling HMSTR: the reward for many project participants for tapping the hamster was only a couple of dollars.

Such users needed help selling tokens since many exchanges restrict opening orders.

However, despite the rapid fall in the rate, open interest in HMSTR Futures remains stable. According to Coinglass, this figure has been at $60 million since the beginning of October.

HMSTR futures OI | Source: Coinglass

In many ways, Hamster Kombat repeated the story of Catizen — another Telegram-based project that disappointed users after the airdrop.

An unexpected change in the rules of the game or why they started to dump CATI

CATI also announced the rating of the leaders of the fall of tokens in the TON ecosystem: like other similar projects, the coin’s price has fallen by 50% since Sep. 20.

The rise and fall of Catizen are reminiscent of the path of Hamster Kombat. Shortly before the start of the distribution, the team unexpectedly changed the rules of the game.

Initially, 43% of the total supply of CATI tokens was intended for players. However, the developers unexpectedly changed the conditions, so the community got only 30%.

The community’s discontent was not limited to this. Soon after the airdrop, it turned out that user spending in the game influenced the criteria for distributing tokens. Those who invested money in the game, not time, received a significant advantage.

After this, many players shared stories about how they took leading places but received very few rewards. As a result, a wave of discontent with the hashtag #catizenscam swept through social networks.

Why Telegram project tokens continue to fall

Airdrops are considered one of the most popular strategies for attracting users. Many projects launched on the Telegram platform used them.

For example, Dogs, Hamster Kombat, Catizen, and similar projects actively awarded users coins for simple actions. As a result, tokens distributed through airdrops cannot maintain long-term interest or preserve their value.

Airdrops, used to increase project engagement and distribute tokens more widely among users, have probably lost their former influence as users have become oversaturated with such strategies.

For example, KeyRock experts analyzed 62 airdrops in six blockchains since the beginning of 2024. The data showed that 88.7% of the tokens demonstrated a significant price decline within 90 days after the distribution. Only a few of them showed sustainability.

Token price movements after airdrops | Source: KeyRock

At the same time, small airdrops have shown greater resilience in the short term. This is probably due to the low selling pressure during the token launch. However, in the longer term, tokens still fall over three months.

Moreover, Telegram-based games are still young, and investors may still determine whether the demand for them will last. This also fuels users’ tendency to sell off tokens, which ultimately negatively affects their price.

CryptoQuant analyst Maartunn told crypto.news that newly launched tokens in the TON ecosystem often follow a typical hype cycle.

“Initially, short-term expectations tend to be excessively high, while long-term expectations are often underestimated.”

Maartunn, CryptoQuant analyst

He also visualized the number of Hamster Token transactions relative to all TON transactions. The trend line illustrates the classic hype cycle model.

Performance of the HMSTR token. Source: CryptoQuant

Among other recently launched coins, Hamster Kombat is one of the most popular. However, Maartunn noted that many meme coins will eventually fail; only those with good fundamentals and a strong network can survive.

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Công nghệ

RedStone debuts first price oracles for TON blockchain

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Blockchain developer RedStone has integrated its oracle solution into The Open Network, offering the first-ever price feeds on the network.

Telegram-incubated The Open Network (TON) is bolstering its decentralized finance ecosystem with RedStone’s launch of the first oracle price feeds, providing real-time, gas-efficient data solutions. According to a Sept. 19 press release shared with crypto.news, the integration provides real-time data feeds that will help blockchain developers build protocols on TON.

Oracle feeds in blockchain are tools that supply smart contracts with real-world data, such as asset prices or weather updates, which are essential for executing automated actions or decisions. They act as a bridge between blockchains and external information sources.

However, TON, unlike other blockchains such as Ethereum (ETH), where smart contracts communicate directly, relies on message transmissions for contract interactions, which presents unique challenges. RedStone notes that its solution addresses these complexities.

“This process demands careful attention to critical factors such as the sender’s identity, message structure, and the accuracy of the responses, all of which are crucial to maintaining the integrity and security of the system.”

RedStone

RedStone brings oracles to TON

The firm says its oracles will automatically publish asset prices, monitored to ensure uninterrupted service. In addition to oracles, RedStone has also introduced smart contract templates powered by TON Connect, designed to simplify the integration process for developers.

RedStone’s chief executive, Jakub Wojciechowski, says the firm’s vision for TON “goes beyond integration,” adding that the blockchain developer is committed to providing developers with “essential tools like smart contract templates and automatic relayers, ensuring seamless data flow and uninterrupted service.” Beyond TON, RedStone has also secured partnerships across Ethereum and Avalanche (AVAX), among others, with a focus on delivering cross-chain data feeds.

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Phân tích

TON falls to 5-month lows, 86% of holders seeing losses

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The Toncoin price plunged below $5, marking a five-month low. The amount of holders at a loss has significantly increased. 

Toncoin (TON) dropped 4% in the past 24 hours and is trading at $4.6 at the time of writing. This price level has not been seen since late March. Following the price fall, TON’s market cap declined to $11.6 billion, putting it behind Cardano (ADA) as the 12th-largest cryptocurrency.

TON price – Sept. 5 | Source: crypto.news

The asset’s daily trading volume also decreased by 18% and is currently hovering at $300 million.

According to data provided by IntoTheBlock, 86% of TON holders, accounting for 45.4 million addresses, are currently facing increased losses. 8.3 million wallets accumulated the asset for an average price of $7.5.

TON holders’ profit/loss – Sept. 5 | Source: IntoTheBlock

At this price point, only 9.2% of the TON holders, around 4.9 million addresses, are still in profit despite the price fall, per data from ITB. The remaining holders are currently in a neutral zone with either a small profit or loss.

Data from ITB shows that the number of Toncoin’s daily active addresses increased by 5.3% over the past day, leading the chart with 3.19 million unique wallets. 

Toncoin witnessed a total of $27.24 million in net outflows from centralized exchanges over the past week. This shows that the number of investors accumulating the asset is still dominating short-term traders.

Notably, only 5% of TON addresses have been holding the asset for over a year, according to ITB data. 62% have accumulated the token less than one year ago and 33% are traders with a holding time of less than one month.

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Phân tích

Toncoin price steadies with Durov’s release, but analysis points to possible downturns

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Toncoin experienced a sharp 27% drop to $5.04 in the wake of Pavel Durov’s arrest. Although the price has since stabilized slightly above that level, the situation remains precarious due to the ongoing investigation surrounding the Russian Zuckerberg. Despite the temporary stabilization, the indicators present a bleak outlook for Toncoin, suggesting potential downturns regardless of the investigation’s outcome. The analysis below outlines the factors contributing to this grim forecast.

Toncoin slips below 50 and 200 MAs

Toncoin’s price fell beneath both the 50-day and 200-day moving averages (MAs) on the daily chart. The 50-day MA reflects short- to mid-term market sentiment, while the 200-day MA captures the long-term trend. A position below both indicates a sustained loss of momentum, which makes it difficult for TON to regain upward traction quickly. 

Moreover, Toncoin now faces the prospect of a death cross, where the 50-day MA may cross below the 200-day MA. This is a strong bearish signal and often leads to major declines.

Bollinger Bands signal weakness for Toncoin

On the weekly timeframe, TON currently trades below the middle line of the Bollinger Bands and sits near the lower band. When a price is below the middle band, it suggests that the asset is underperforming relative to its recent average. And trading near the lower band indicates that the price is approaching the lower end of its expected range, signaling potentially oversold conditions.

Stochastic RSI shows no relief for Toncoin

The Stochastic RSI on Toncoin’s weekly chart now sits in the oversold region, below the 20 level. In other words, the selling pressure has dominated to the point of exhaustion. Although a recent bullish crossover occurred, indicating a possible reversal, in reality, the signal proved misleading. Now, a bearish crossover has taken place, thus the downward momentum is gaining strength rather than subsiding. The implications are clear: Toncoin continues to face strong selling pressure, with little indication of a near-term recovery.

Toncoin’s MACD shows growing downward pressure

The MACD on Toncoin’s weekly chart has also confirmed a bearish signal. A bearish crossover occurred when the MACD line crossed below the signal line. The distance between the two lines has continued to widen (reflected by the expanding histogram), which indicates that the downward momentum is not just persisting but intensifying. 

Toncoin’s recovery unlikely as DMI stays bearish

The Directional Movement Index (DMI) on Toncoin’s weekly chart also shows a clear bearish trend. The -DI (orange line) represents the strength of the downward movement and currently stays above the +DI (blue line), which signals stronger bearish momentum. The ADX (yellow line), which measures the overall strength of the trend, continues to decline, indicating of a loss of bullish momentum. The downward pressure remains firm, suggesting that Toncoin’s recovery may not materialize soon.

Closing thoughts

In addition to the technical indicators pointing to downward pressure for Toncoin, it’s crucial to consider the broader macroeconomic outlook. Although relying solely on historical performance can be misleading, patterns and external factors still provide valuable context.

Historically, September has been a challenging month for the crypto market. Since 2013, it has ended positively only three times, while the rest have recorded losses. On average, the market has experienced a 4.51% decline in September.

Source: CoinGlass

A more major concern lies in the monetary policy landscape of the United States. Looking ahead to the Federal Reserve’s September 18th meeting, the probabilities for a rate cut are non-existent, and the chances of a rate hike remain high. Federal Reserve Chair Jerome Powell’s recent statement, “The time has come for policy to adjust,” shows a likely shift in monetary policy. Historically, cryptocurrencies tend to react negatively during periods of rate cuts until the cuts stop and policy stabilizes. Given this, the broader crypto market, including Toncoin, may face further declines in the coming months before potentially transitioning into a bullish trend towards the end of 2024 and into 2025.

Source: CME

While historical performance does not guarantee future outcomes, these factors are essential considerations for any investor. At present, the uncertain market conditions make investments in Toncoin, Bitcoin, Ethereum, Solana, and any other cryptocurrencies particularly risky.

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Theo Crypto News

Phân tích

Why a memecoin nearly broke the Toncoin blockchain?

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The TON blockchain went down twice within 36 hours due to an unexpected spike in transaction volumes driven by the sudden popularity of a new memecoin called DOGS. The heavy traffic caused by DOGS transactions overwhelmed the network, leading to concerns about the blockchain’s capacity to handle high volumes of activity and its overall stability.

The TON blockchain recently faced two significant outages, both linked to the sudden release and popularity of the DOGS memecoin. The first disruption occurred on 27 August 2024, when block production halted at 23:00 UTC and did not resume until 05:30 UTC on 28 August, leading to a six-hour downtime. The second disruption began on 28 August 2024 at 19:19 UTC, lasting over four hours.

Both outages were triggered by the overwhelming demand generated by the DOGS token, which led to a massive increase in transaction volume on the network. In just 48 hours, TON processed a staggering 20 million transactions, overwhelming the system to the point of breaking the blockchain. The DOGS memecoin, inspired by Telegram’s mascot Spotty, launched a large airdrop that caused congestion, and the heavy load from the token minting further strained the network during the second disruption.

Several validators were unable to clean the database of old transactions, which means they struggled to remove outdated transaction data effectively. The inability to clean up the database led to a loss of consensus among validators, as they couldn’t process new transactions correctly or maintain synchronized records of the blockchain’s state.

The underlying issue with the Toncoin network, such as many blockchain networks, relates to scalability challenges, particularly with sharding. When a blockchain network uses sharding to scale, it splits the network into smaller parts called “shards.” Each shard handles a portion of the overall transactions, which helps the network process more transactions at once. 

However, shards need to communicate with each other to stay in sync. For example, if one shard processes a transaction that affects data in another shard, the two shards must exchange messages to update their records accordingly. The messages ensure that all shards have the correct and up-to-date information.

When there isn’t much activity on the network, the communication works fine. However, during high traffic, when many transactions are happening simultaneously, the number of messages exchanged between shards increases dramatically. Processing all the messages becomes overwhelming for the network, leading to delays, slowdowns, or even failures in keeping the shards synchronized. As a result, the system is unsustainable, as the network can’t handle the volume of communication required to keep everything running smoothly.

The concept of execution isolation offers a more efficient solution to the problem. Instead of constantly communicating between different parts of the network (shards), execution isolation allows each part to handle its own transactions independently. This reduces the need for constant back-and-forth communication, which can slow things down when there’s a lot of activity.

Appchains, also known as application-specific blockchains, take this idea even further. They are specialized blockchains designed for specific tasks or applications. By focusing on just one type of activity, appchains can manage traffic more effectively and avoid the issues that come from trying to do everything at once on a single network. Examples of appchains include Polkadot Parachains, Cosmos Zones, Near Protocol Sharded Chains, Polygon Supernets, and Avalanche Subnets.

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Pháp Lý

Pavel Durov’s arrest unleashes the Streisand Effect on Toncoin

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On August 24, 2024, French authorities arrested Pavel Durov, the founder of Telegram, and released him on bail a few days later. Though the arrest cited alleged illegal activities conducted through his messaging platform, many have viewed it as an attack on free speech. The perspective has ignited a Streisand Effect, unintentionally increasing the popularity of both Telegram and its associated cryptocurrency, Toncoin.

Understanding the Streisand Effect

The Streisand Effect is a well-documented phenomenon where efforts to suppress or censor information lead to increased public attention to that very information. The term originates from a 2003 incident where Barbra Streisand attempted to block the publication of aerial photos of her home. Her actions led to the images gaining widespread attention and becoming much more popular than they would have been otherwise. And research supports this through various real-world examples and theoretical models.

For instance, a study published in the International Journal of Communication highlights how attempts to censor information often backfire, resulting in greater dissemination and public awareness than would have occurred without the censorship attempt. This is because the act of trying to hide information inherently makes people more curious about it, thereby increasing its visibility.

The same phenomenon unfolded with Telegram and Toncoin following Pavel Durov’s arrest. While Durov does cooperate with authorities to some extent by banning certain content, ​​he has consistently refused to compromise on issues that could jeopardize user privacy or restrict free speech. The approach has made Telegram a focus of scrutiny in various countries, such as Russia, Iran, and recently France, where his recent arrest is seen by many as an effort to pressure him into greater cooperation on these sensitive matters. 

Telegram and Toncoin post-arrest analysis

As Durov’s legal troubles made headlines, Telegram’s popularity quickly reflected the increased public interest. By August 26, 2024, just two days after Durov’s detention, Telegram had climbed to the No. 2 spot in the U.S. App Store’s Social Networking charts, with global iOS downloads increasing by 4%. In France, where Durov was detained, the app reached the No. 1 position in the Social Networking category and became the third most popular app overall.

Source: TechCrunch, Appfigures

When examining Toncoin, the effects of Pavel Durov’s arrest closely parallel the trends observed with Telegram. By August 26, daily transactions on the Toncoin blockchain rose by 192%, reaching 2.8 million. This number marked the highest level recorded so far this year and was the second highest in the history of the blockchain. 

Source: Artemis.xyz

Daily active addresses also saw a substantial increase, climbing by 215% to an all-time high of 888.9K. 

Source: Artemis.xyz

Additionally, daily transaction nodes increased by 174%, reaching 9.3 million, the highest recorded this year and the second highest in the blockchain’s history.

Source: Artemis.xyz

Furthermore, trading volumes on decentralized exchanges for Toncoin saw an even more dramatic increase. Volumes surged by 849%, reaching an all-time high of $167.9 million.

Source: Artemis.xyz

But not everything is so sunshine and rainbows for Toncoin. The Total Value Locked (TVL) in its decentralized applications dropped by 39%, falling to $312 million. One might assume this drop was due to the bearish news impacting Toncoin’s price, but that’s not entirely the case, although somewhat true. While Toncoin’s market cap did decline by 24%, reaching $12.9 billion by August 27, the decrease is much less than the drop in TVL. 

Source: Defillama

The only plausible explanation is that some users began withdrawing their assets from dApps, possibly selling them off. However, despite this selling pressure, the net volume on Binance, the top exchange by volume for TON,  experienced a dip from -$37.83 million to -$57.26 million on the day of Durov’s arrest but then rebounded, rising to $41.57 million by August 28 — a nearly $100 million swing back into positive territory. The same trend was observed on other major exchanges like OKX and Bybit, where TON also shifted from negative to positive net volumes during this period.

Source: TradingView

Where do Telegram and Toncoin go from here?

It will be interesting to observe how Pavel Durov’s arrest and the ongoing investigation shape the future of Telegram and Toncoin. Whether the surge in user activity and transactions for both Telegram and Toncoin will translate into sustained growth or remain a temporary spike driven by media attention remains to be seen. One thing is certain: any developments affecting Telegram, whether positive or negative, will inevitably impact TON as well. Currently, TON faces a major regulatory hurdle, which makes it a risky investment until the investigation concludes and the legal landscape becomes clearer.

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Theo Crypto News

Công nghệ

LINE messenger to introduce mini dApps via Kaia blockchain

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Japanese messaging giant LINE is gearing up to introduce mini-decentralized applications on its messaging app in collaboration with the Kaia DLT Foundation, a UAE-based organization that supports the Kaia blockchain.

According to an announcement on Aug. 29, mini dApps will be introduced as part of the Kaia Wave, an initiative launched by the Kaia DLT Foundation to support Web3 developers. 

The Kaia DLT Foundation was introduced as an independent body following a merger between two prominent blockchain projects, from Line and South Korean tech giant Kakao. Its purpose is to oversee the governance and management of the layer-1 EVM-based Kaia blockchain, which combines Line’s Finschia blockchain and Kakao’s Klaytn blockchain.

Kaia Wave was announced alongside the mainnet launch of the Kaia chain. The blockchain network is integrated with Kakao’s Kakaotalk platform and LINE’s LINE messengers, boasting a cumulative user base of over 250 million users.

With the Kaia Wave initiative, the Kaia DLT Foundation plans to incentivize developers to build mini dApps tailored to LINE’s extensive user base in countries like Japan, Taiwan, Thailand, and Indonesia. Developers would use Kaia’s NEXT WEB software development kit to create the mini dApps that would launch within the LINE Messenger.

The foundation is collaborating with LINE NEXT, the Web3 unit of LINE Corporation, as a part of the builders program.

“Through the Kaia Wave project, LINE NEXT will focus on delivering a more efficient Web3 platform for builders and improving accessibility and convenience for users.”

Young-su Ko, CEO of LINE NEXT

LINE plans to tap into the growing trend of integrating blockchain-based applications directly within messaging platforms pioneered by its competitor, Telegram. The messaging giant introduced support for what it calls ‘Telegram Mini Apps’ in 2023 and later allowed developers to integrate these applications with The Open Network blockchain.

Telegram’s popularity surged even further with the introduction of play-to-earn games that incentivize users with tokens launched on the TON blockchain, with projects like NotCoin (NOT) and Hamster Kombat amassing millions of users.

Subsequently, the messaging app has also introduced a mini app store to make it easier for its approximately 950 million users to access the Web3 space.

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Phân tích

Toncoin turns bullish, whale transactions decline

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Toncoin is witnessing bullish sentiment for the first time after the recent price plunge amid declining whale transactions.

According to data provided by IntoTheBlock, the bullish sentiment around Toncoin (TON) has increased over the past 24 hours. 

TON recorded a 4.7% surge in the past 24 hours and is trading at $5.6 at the time of writing. The asset’s market cap surpassed the $14 billion mark, overtaking Tron (TRX) to become the ninth-largest cryptocurrency.

TON price – Aug. 29 | Source: crypto.news

The native token of The Open Network saw a 99% increase in its daily trading volume, reaching $1.3 billion.

Toncoin took a deep dive from $6.8 to $5.3 on Aug. 25 when Pavel Durov, the founder and CEO of Telegram, was arrested at an airport near Paris. Per a crypto.news report on Aug. 28, Durov faced six charges including terrorism and child abuse content, and is under supervised release.

Data from ITB shows that the number of whale transactions consisting of at least $100,000 worth of TON declined from 2,100 on Aug. 26 to 864 on Aug. 28 as the bearish momentum around the asset showed signs of a cooldown.

TON whale activity – Aug. 29 | Source: IntoTheBlock

Moreover, the number of TON tokens in retail addresses — holding less than 0.1% of the asset’s supply — increased from 438 million to 591 million coins, marking a new all-time high. 

At this point, the Toncoin whale concentration has declined by 3%, dropping to 88% of the total supply.

On Aug. 27, the number of TON daily active addresses reached an ATH of 2.23 million unique wallets with 43.82 million non-zero addresses.

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DeFi

TON blockchain resumes operations following DOGS fuelled outage

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Telegram-backed The Open Network came to a standstill on Aug. 28 as block production halted due to network overload caused by the hype around the new memecoin DOGS.

Data from TON Explorer revealed that no new blocks had been created for a close to seven-hour period, with block 39987437 being the last one mined before the outage. However, at the time of writing, block production had resumed.

The TON-based memecoin platform Tonk Inu first flagged the incident, stating that the launch of DOGS had resulted in high volumes of traffic, which likely led to the outage. 

The official X account for the TON blockchain acknowledged the issue, citing “abnormal load,” highlighting that roughly 20 million transactions had been executed on the network over the past 48 hours. 

“Several validators are unable to clean the database of old transactions, which has led to losing the consensus.”

Due to the increased load, TON validator nodes reportedly lost consensus. TON Core, the network’s development team, had urged validators to restart their nodes at 4:00 AM UTC. This coordinated restart was aimed at resetting the validators’ processes, clearing the backlog of tasks, and returning them to synchronization.

Meanwhile, the TON team has assured the community that all assets will remain safe and pending transactions will be processed.

Prominent cryptocurrency exchanges like Binance, Bybit, and OKX suspended transactions to and from the TON blockchain following the outage.

While it hasn’t been officially confirmed whether the hype around DOGS (DOGS) had led to the outage, TON community member Justin pinned the blame on the new memecoin.

DOGS was launched on Aug. 26 and raked over $1.7 billion in trading volume within the first ten hours. Blockchain explorer Tonscan noted the following day that the memecoin had generated “quite a lot of traffic,” resulting in some “central services” being temporarily suspended at the time.

As previously reported by crypto.news, the launch of DOGS had also disrupted the functioning of multiple crypto exchanges and caused an overload for the Telegram Wallet. 

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