CandleFocus Tornado Cash (TORN ) Surges +700% Yet 96% Below ATH—What Lies Ahead?
2024-11-29
Author: Content Editor
The TORN token experienced a 700% surge after a U.S. Court declared sanctions against the Tornado Cash platform as unlawful. However, the token is currently trading 96% below its all-time high of $408, hovering around $20 at the time of writing. The total supply of TORN increased to 8.9 million tokens, but its market cap remains similar to its 2021 valuation. Most of TORN's supply went to governance, team and investor allocations, anonymity mining, and airdrops. The token's price dilution aligns with the gradual unlocking of supply and reflects the challenges of token inflation and market sentiment towards privacy protocols. TORN has a market cap of $88.91 million and ranks 508th in global cryptocurrency rankings. The trading volume has declined by 56.58% in the last 24 hours. Technical indicators suggest that Tornado Cash may face friction in its bullish momentum, with the RSI trending downward and the DMI reflecting a weakening uptrend. Readers are advised to exercise caution before taking any action related to the company.
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