Toncoin (TON) Drops Over 7% Despite New Trading Approval in Kazakhstan
The post Toncoin (TON) Drops Over 7% Despite New Trading Approval in Kazakhstan appeared on BitcoinEthereumNews.com.
Coinspeaker Toncoin (TON) Drops Over 7% Despite New Trading Approval in Kazakhstan Toncoin (TON), the native token of the popular blockchain The Open Network, has experienced a significant drop of over 7% in the past day despite gaining approval to trade in Kazakhstan. This unexpected drop occurred even as the digital asset was introduced to the market under favorable conditions to compete with other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Polygon (MATIC), Aptos (APT), and Cardano (ADA). TON Dips Over 7% On June 28, Kazakhstan’s Financial Services and Regulatory Committee (AFSA) signed authorization for TON to trade in the region. The regulator said the digital asset met the criteria required to be eligible in the Asian country. Many investors anticipated a boost in Toncoin’s value following the news, expecting increased market activity and confidence due to the region’s massive population. Despite these optimistic expectations, Toncoin’s value declined by more than 7% on Thursday, according to data from CoinMarketCap. The digital asset is currently valued at around $7.35 from the $7.81 it traded the previous day. Its market capitalization stands a little above $17 billion. While TON is currently in turmoil along with the broader crypto market, activities on the blockchain have continued to soar. As of June 4, The Open Network has $665 million in total value locked (TVL). DefiLlama data shows that the protocol has over $559 million in stablecoins. The protocol, heavily associated with the social media messaging app Telegram, crossed the $600 million milestone in TVL in June and has continued to grow since then reaching the $620 million milestone on June 20. Bitcoin Drops below a Critical Price Level Despite the surging activities on the platform, the token’s drop is still a matter of concern to many investors, although TON is not alone…
Filed under: News - @ July 4, 2024 7:20 pm