Toncoin Faces a Perfect Storm as Price Glitch No Cause For Concern

Toncoin saw a meteoric rise in 2024, soaring into the CoinMarketCap top 10 by April. This rapid ascent was driven by the introduction of its proof-of-person

Toncoin (CRYPTO: TON) saw a meteoric rise in 2024, soaring into the CoinMarketCap top 10 by April. This rapid ascent was driven by the introduction of its proof-of-person palm-scanning ID technology, marking a major milestone for the project. The ecosystem continued to expand with the integration of Tether (CRYPTO: USDT) and the launch of popular decentralized applications (dApps) like Notcoin and Hamster Kombat, further solidifying TON’s position in the crypto landscape.

On the other hand, recent events have cast a shadow over Toncoin. The arrest of Telegram founder Pavel Durov by French authorities a week ago triggered a 20% drop in the token’s price, raising concerns about its future. Compounding the uncertainty, a recent price glitch briefly displayed severe losses for TON, sparking momentary panic among investors.

Toncoin Price Glitch No Cause For Concern

Toncoin users were left stunned on the morning of September 3 (UTC) when CoinMarketCap displayed an alarming 94% drop in TON’s price. Following uncertainty about Telegram’s future after Durov’s arrest, this sudden dip naturally fueled fears that it was all over.

However, a closer look revealed that the dramatic drop was caused by a price indexing glitch on CoinMarketCap, not a real market crash.

Trader Jesse Trading was among the first to notice that TON’s price had reverted to normal. A subsequent check on CoinMarketCap’s TON page confirmed there was no evidence of the massive price crash.

" $TON Crashes 94% on @CoinMarketCap

$TON price dropped to $5.5 to $0.30 It's not even showing in the top 10!

But don’t worry, it’s just another network glitch.

Back to normal now. "

The Toncoin community responded quickly and with a range of emotions to the glitch. On Reddit, some users made light of CoinMarketCap’s history of price glitches, while others reacted more aggressively to what they saw as unwarranted negative sentiment towards TON.

"How many times a day does CMC have a network glitch for a random coin? Seems like it happens multiple times a day for different coins, yet they're still the go-to for crypto prices and market caps. I don't get it.”

Despite being an irrelevant minor incident, the glitch still fueled growing skepticism about Toncoin’s long-term prospects and its place in the cryptocurrency landscape.

TON Faces a Perfect Storm

A recent DailyCoin article, published shortly before Durov’s arrest, raised several concerns about the Toncoin platform. The report pointed to issues such as questionable user data handling practices, missing deposits, and allegations that users were banned for complaining about these missing funds.

Additionally, the article connected TON with Russian authorities, adding a new dimension to Durov’s arrest, given Russia’s international isolation by Western governments over the Ukraine war.

Matters have not been helped by a spate of recent major network outages, which Toncoin attributed to abnormal network loads related to the popularity of the DOGS memecoin.

On the Flipside

Why This Matters

The Toncoin price glitch seems to be an isolated incident, but amid heightened attention on the project, its timing has fueled further skepticism.

Kim Dotcom sounds the alarm on Telegram following Durov’s arrest.

"Game Over for Telegram? Dotcom Warns of Deep State Coup"

Telegram scammers target Trump’s crypto project.

"Trump’s World Liberty Finance Exploited by Telegram Scammers"