Cryptocurrency Toncoin (TON) is getting cheaper, most likely due to the decline in popularity of The Open Network (TON) blockchain.
The TON network currently has 1,58 million active users, well below its peak of 5 million. The chart below shows how the coin's price has risen sharply following major events or hype, — сообщили IntoTheBlock platform staff.
According to a chart published by IntoTheBlock, the number of active users of the TON blockchain began to rapidly increase shortly before the creator was released from a French prison. Telegram Pavel Durov. After he was released on August 28, the upward trend continued until the number of network users reached 5 million, but after that, the popularity of the blockchain quickly faded.
Change in the price of Toncoin (black line) and the number of active users of the TON network (green)
With the number of people making transactions on the TON network increasing, Toncoin went up in price by 37%. However, the bullish trend ran out of steam on September 27, when TON user activity began to decline, so it is safe to assume that the decline in the popularity of the blockchain put an end to the bullish rally.
Rise and fall of Toncoin rate
As a result, Toncoin's value has fallen by 15% since September 27 and has fallen by more than 1% in the last week, despite the fact that Bitcoin , эфириум (ETH) Solana (SOL) and many other leading cryptocurrencies have risen in price. This makes it seem that Toncoin's growth will not resume until the TON network is actively used.
