TON Market Cap Plunges by Billions After Fixing Inflated Supply Data
The post TON Market Cap Plunges by Billions After Fixing Inflated Supply Data appeared on BitcoinEthereumNews.com.
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Toncoin (TON) is no longer one of the top 10 most valuable cryptocurrencies in the world, following an update from The Open Network to more accurately reflect the asset’s circulating supply via price trackers. In a Telegram message on Wednesday, the project informed users that data aggregators would track the coin’s market capitalization differently moving forward. They would exclude Toncoin held by Telegram, The Open Network Foundation, and the TON Believers Fund, it stated. As the change went effective, Toncoin’s market capitalization dropped more than $7 billion instantaneously, according to CoinGecko data. Meanwhile, the cryptocurrency Cardano (ADA) reclaimed its spot as the 10th most valuable cryptocurrency, currently valued at $15.8 billion. TON, as of this writing, isn’t far behind at about $15.6 billion. The data reported by CoinGecko can be linked to tontech.io, among other stats. In its message, The Open Network said the update to TON’s circulating supply was made to align with “industry practice” and followed an in-depth review of the TON blockchain’s data. The Open Network’s message on Telegram. Image: Telegram As of this writing, it was unclear what entity manages tontech.io. However, the page does include a link directing users to ton.org, where the community responsible for TON is broken down into the TON Foundation, TON Society, and several other subgroups. After TON flipped ADA earlier this week, members of the Cardano community questioned how TON could retain its price following its sizable drop in market cap. Chris O’Connor, co-founder of the DAO Cardano Ghost Fund, then claimed on Twitter (aka X) that The Open Network had been “caught red handed [while]…
Filed under: News - @ June 1, 2024 12:14 pm