Toncoin worst performing major altcoin

Toncoin posted a double-digit daily fall for the day, making it the worst-performing cryptocurrency in the major altcoin market.

The altcoin dipped by more than 44% from its 2023 peak,  to as low as $4.58 on Wednesday. Its market value has decreased to $11 billion from a peak of $23 billion. Alongside TON’s decline was a reduction in the value of money secured in its decentralized finance (DeFi) apps.

TVL, or total value locked, fell from a high of $770 million for the year thus far to $318 million, the lowest since June. From 115 million TON to 66.01 million TON, TVL fell.

Furthermore, the TON Blockchain is no longer among the top 20 chains in the DeFi industry, as networks like Linea.
Toncoin formed a triangle pattern on the daily time frame, and it has been trading inside it since July. However, the altcoin broke through its support trendline due to the recent market instability, plunging 15.12% over the preceding week.

The price chart of Toncoin shows a consistent downward trend according to the EMA 50/200-day. This suggests that there is more selling pressure in the cryptocurrency market.

Moreover, the indicator indicates a high likelihood of a Death Cross, implying a dismal future outlook. In addition, the RSI indicator has dropped significantly in the direction of the oversold range and is about to test it. This implies that the value of the TON cryptocurrency may continue to decline this week.

Furthermore, TON’s decentralized exchanges have seen a greater decline in the volume of assets traded than other chains, with a 62 percent decline to $144 million in the last seven days.

The recent arrest of Telegram CEO Pavel Durov in France may have hurt TON’s performance. Authorities accused him of major crimes like assisting organized crime and defying court orders. If Durov is found guilty his sentence may be more than ten years.

The next significant factor influencing the price of Toncoin is expected to be the airdrops for Tapswap and Hamster Kombat later this month. In September, the popular tap-to-earn mini-app Hamster will go live. 26.

The makers of TapSwap have pledged to reveal the exact date of the airdrop before the end of this month’s third quarter, despite not having disclosed one yet.