The price of Toncoin has been trading sideways following a setback for the TON Blockchain when Tapswap selected another blockchain for its airdrop. The decline in price has brought Toncoin's market cap to $9.5 billion, making it the 16th largest cryptocurrency. Tapswap justified its decision to choose BSC Chain over TON by citing BNB's larger ecosystem, lower transaction costs, and greater user base. Other tap-to-earn tokens on the TON Blockchain have seen significant declines, leading Tapswap to avoid a similar price drop. However, on-chain data shows that the TON network is strengthening, with the number of Toncoins burned daily increasing and transaction activity growing. The TON price has fallen below the key support level and has formed a death cross pattern, indicating a bearish reversal signal. If the price breaks below the 61.8% Fibonacci retracement level, further downside is possible.



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