Toncoin (TON) fell after the founder's speech at TOKEN2049, ending its astonishing seven-week rally

The core cryptocurrency of Telegram, Toncoin (TON), ended its seven-week astonishing rally after Pavel Durov's speech at TOKEN2049 in Dubai. The price of Toncoin (TON) on major spot exchanges suddenly dropped from $7.2 to $6.3, ending the triple-digit rise of this over-hyped altcoin and losing 12.5% of its value in less than 30 minutes. This drop resulted in a loss of $1.14 million for TON/USDT long positions on futures trading platforms.

Despite Telegram founder Pavel Durov announcing significant news, the price of the cryptocurrency still plummeted. He shared plans to reintroduce Telegram stickers and emojis as well as NFTs, and enable tipping features, all based on the TON blockchain. In addition, Paolo Ardoino from Tether announced the launch of US Dollar Tether (USDT) on the TON track, which is the world's largest stable coin.