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Toncoin extremely sensitive to developments in Pavel Durov’s case
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Toncoin extremely sensitive to developments in Pavel Durov’s case

The crypto market is in turmoil: the Toncoin token has plummeted by a staggering 98%! Experts attribute this mind-boggling nosedive to a malfunction on the Coinmarketcap website.

According to a statement from the TON Foundation developers, the popular aggregator is experiencing issues with displaying cryptocurrency market quotes. Apart from Toncoin, tokens Lido (LDO) and Injective (INJ) have also encountered similar problems. However, other platforms and exchanges continued their routine operation, so the glitch did not affect the actual market prices of the coins.

The TON blockchain was designed by the Telegram team, including its founders Nikolai and Pavel Durov. The token was originally called GRAM (GRM).

After the news of Pavel Durov's detention in France, TON’s value sharply dropped. Within two days following the businessman’s detainment, this digital currency lost 19.5% of its value.

According to analysts, the Toncoin price largely depends on the outcome of the court case. Interestingly, the Binance cryptocurrency exchange faced a similar situation. However, despite the arrest of its founder and CEO Changpeng Zhao the exchange continues to operate as usual.

 
প্রকাশিত 09 September 2024
© InstaFintech Group
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