TON Ecosystem: Disappointing Performance of DOGS and NOT Tokens
2024-09-06
Bittime – The TON-based crypto ecosystem is experiencing a sharp decline as of September 4, 2024. Previously attractive assets are experiencing a decline in performance compared to the market benchmark.
In fact, two of the five worst performing assets in the top 100 include crypto from TON. So, is it true that the performance of DOGS and NOT tokens is disappointing? The following is the explanation.
Notcoin and Toncoin: Worst Performers
Sumber: CoinGecko
Notcoin (NOT), the first mainstream cryptocurrency of the TON ecosystem, was the worst performer today in the ranking of the top 100 cryptos by market capitalization.
Notcoin (NOT) saw a 6.4% drop, which is only comparable to Cosmos (ATOM)'s losses. In general, crypto market capitalization decreased by 2% today.
Toncoin (TON), the main cryptocurrency of the TON blockchain, fell 5.7%, becoming the third worst result of the day. The market capitalization of this cryptocurrency fell below $11.8 billion.
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DOGS: The Biggest Airdrop That Lost Momentum
DOGS, the biggest airdrop on TON so far, fell 3.4% and is getting closer to falling below $500 million in capitalization.
As U.Today discussed previously, DOGS failed to stop its decline after problems with the airdrop. In the last seven days, this token lost a third of its value.
Additionally, on September 2, 2024, a DOGS trader experienced an extremely detrimental $2.72 million long liquidation, especially in the small-cap altcoin segment.
Resistance Dog: Single Green Dot
Meanwhile, Resistance Dog (REDO) is the only major TON-based cryptocurrency that managed to experience a price increase in the last 24 hours. REDO price increased by 22%; The token's capitalization is back above $35 million.
Launching in early August 2024, the REDO token saw a major increase in liquidity following the arrest of Pavel Durov in Paris; REDO prices rose 300% in a short time.
TON Ecosystem Decline Analysis
The crisis in the TON ecosystem is most likely caused by the uncertainty of Pavel Durov's legal status and the unstable performance of the TON blockchain when facing high traffic.
In addition, the "flash crash" of TON's price indication yesterday due to problems with the API caused market panic.
The Future of the TON Ecosystem in the Crypto Ecosystem
The TON ecosystem has great potential for growth and development, but also faces a number of challenges. Here are some factors that could influence its future:
1. Further Development: TON has the potential to be one of the fastest and most scalable blockchains. By continuing to develop the core technology, TON can attract more developers and users.
2. Focus on DeFi: TON could become a hub for decentralized finance (DeFi) applications. With its high transaction speed and low fees, TON could be an attractive platform for building a DeFi protocol.
3. Integration with Telegram: TON's association with Telegram could open the door for millions of Telegram users to enter the world of crypto. This could be a significant growth catalyst.
4. Regulations: Regulatory clarity will be critical to the growth of the TON ecosystem. Clear and supportive regulations will provide certainty for investors and developers.
5. Competition: TON will face stiff competition from other blockchains such as Ethereum, Solana, and Binance Smart Chain. To remain relevant, TON must continue to innovate and offer competitive advantages.
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Future Scenario of TON Network
There are several possible scenarios in the future of the TON ecosystem:
1. Optimistic Scenario: TON successfully overcame regulatory and technical challenges, becoming one of the world's leading blockchains. The TON ecosystem is growing rapidly with many innovative DeFi and dApp applications. The TON token and other tokens in the TON ecosystem have become very valuable assets.
2. Pessimistic Scenario: TON failed to overcome regulatory and technical challenges. Projects in the TON ecosystem are losing momentum, and investor interest is declining. As a result, the TON ecosystem is shrinking and unable to compete with other blockchains.
3. Realistic Scenario: TON experienced steady growth, but not as fast as expected. The TON ecosystem is becoming an important player in the blockchain industry, but does not dominate the market.
Factors Influencing TON's Future
The regulator's decision regarding TON's legal status will greatly influence its future. The ability of the TON development team to overcome technical challenges and deliver new innovations will be crucial.
The level of adoption of TON by users will determine how big the TON ecosystem can grow. Partnerships with large companies can provide a significant boost to the growth of the TON ecosystem.
Conclusion
The disappointing performance of DOGS and Notcoin tokens highlighted today's downturn in the TON ecosystem.
Legal uncertainty and technical issues fuel concerns among investors, while Resistance Dog (REDO) remains the only bright spot.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
