As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and understand that bearish trends are a natural part of the investment landscape. Toncoin (TON) has been a standout performer this year due to its impressive partnerships and on-going developments within The Open Network. However, the recent corrections in TON’s price have raised some concerns.
As a crypto investor, I’ve noticed that Toncoin (TON), the native utility token of The Open Network, has experienced outflows in the past 24 hours despite its impressive gains in recent months. Today, TON is down by 3.28%, and over the last week, it has decreased by over 5%. This weekly liquidation takes place amidst positive inflows across the broader cryptocurrency market.
The release of the CPI report indicating decreasing U.S. inflation has brought about optimistic feelings in the crypto market. Consequently, Bitcoin‘s (BTC) price surged past $66,000, registering a significant jump from earlier prices. Similarly, altcoins experienced notable growth with multiple assets recording double-digit percentage increases.
Reasons For Bearish Tone
As a crypto investor, I’ve noticed that Toncoin has been making waves this year with its impressive partnerships and on-chain developments that set it apart from the top coins. However, I can’t help but feel a sense of unease after recent corrections. The daily trading volumes for TON have taken a significant hit, dropping by nearly a third to $280 million at present, causing its price to sit at $6.462. This decline raises some bearish concerns that I’m keeping a close eye on.
This caused a surge in bullish confidence, resulting in negative weekly inflows. The dropping value of Notcoin and Toncoin in the gaming token sector is interconnected. Notcoin plummeted by 50% following significant market growth. The asset’s recent price increase was fueled by excitement surrounding its airdrop launch, creating a buzz throughout the crypto community.
In simple terms, Notcoin experienced significant surge in trading volume following major announcements from Binance, OKX, and Bybit. These announcements attracted large inflows of funds, resulting in approximately $294 million worth of transactions. However, the market took a downturn as many investors decided to sell their assets, causing a sharp price decrease. Crypto analysts compared this trend to past airdrop events where users sought to capitalize on short-term gains.
Toncoin’s Yearly Rise
This year, Toncoin surpassed Bitcoin’s growth, achieving over 160% in year-to-date returns, even though Bitcoin experienced significant expansion following the SEC’s approval of a spot Bitcoin ETF. Bitcoin saw corrections after reaching a new record high.
As a crypto investor, I’ve noticed an uptick in market activity from TON Whales, moving over a billion dollars’ worth of assets. This significant movement has influenced the price of TON.
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2024-05-19 00:11