The price of Toncoin (TON) has crashed and entered a bear market, dropping 57% to $3.53 after reaching a record high of $8.27 in June 2024. The crash was triggered by the arrest of Toncoin's founder, Pavel Durov, who faces charges including drug trafficking and sharing illicit content. Other tokens in the TON Blockchain ecosystem have also plummeted, and the number of active wallets and on-chain metrics have significantly declined. The TON Blockchain has lost market share in decentralized finance and its decentralized exchange protocols have had significantly lower volume compared to competitors. Technical analysis suggests that Toncoin is likely to continue falling, with sellers targeting a key support level at $2.68.



Other News from Today