Toncoin (TON) Price Plummets Despite Major Tether Announcement

by

After Pavel Durov’s speech at TOKEN2049 in Dubai, the price surge of Toncoin (TON), the native cryptocurrency of Telegram messenger, came to a halt.

Toncoin (TON) loses 12% in minutes: Dissapointment?

In an unexpected turn of events, the price of Toncoin (TON) plummeted from $7.2 to $6.3 on prominent cryptocurrency exchanges within a brief span, causing a significant loss for investors. As a result, this Telegram-linked altcoin failed to sustain its impressive triple-digit surge and experienced a 12.5% decrease in value within merely half a quarter hour.

Toncoin (TON) Price Plummets Despite Major Tether Announcement

A drop of $1.14 million worth of TON/USDT long positions on futures trading platforms was wiped out. The value of TON has increased by 141% since it began rising in late February.

Despite the exciting announcement from Telegram founder Pavel Durov about introducing new features like Telegram stickers, emojis, NFTs, and tip-sending on their TON blockchain, the cryptocurrency still experienced a significant drop in value.

Additionally, Paolo Ardoino from Tether declared the launch of USDT, the globally dominant stablecoin, on the TON blockchain infrastructure.

Before the announcement at TOKEN2049, Pavel Durov gave an uncommon interview to Tucker Carlson, a well-known conservative American political commentator. But, the highly anticipated speech seemed to follow the pattern of “buy in anticipation – sell after the fact.”

Tether’s USDT debuts on TON, more stablecoins to come

According to Tether Limited’s “Transparency” monitor, USDT backed by the U.S. Dollar will have an starting fund of 10 million dollars on the TON network.

In simpler terms, the value in question would make up a very small fraction of Tether’s total USDT market capitalization, currently nearing a new high of $110 billion.

In addition to introducing USDT on the TON blockchain, Tether’s Transparency page indicates their plan to launch XAUT, EURT, CNHT, and MXNT stablecoins as well.

Read More

2024-04-19 17:56