The Toncoin (TON) market is currently experiencing increased chaos. Telegram CEO Pavel Durov was recently arrested at an airport in France. Durov has been accused of 12 crimes, several of which were related to cryptocurrencies.
Amidst this, the price of TON dipped by 27% from a high of $6.8 to a low of $5.09. This is a 35% dip from its June high of $8.24. At press time, TON was trading at $5.39, with a 4% drop over the past 24 hours.
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Factors Influencing Toncoin’s Price and Future Predictions
Market Performance and Recent Events
The asset also suffered in terms of market cap. TON temporarily fell out of the coveted top 10.
However, altcoin climbed back onto the list and currently stands as the 10th largest cryptocurrency with a market value of $13.67 billion. Cardano (ADA) is right behind, valued at $13.2 billion. As a result, TON’s position is in danger.
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Will September Change Toncoin’s Fate?
While the asset is currently in a slump, it doesn’t necessarily have to continue through the coming month. Data from Changelly revealed that TON will end August on a good note and kickstart September on a similar note.
It seems like Toncoin will inch closer to its all-time high. On September 1, 2024, the altcoin will trade at $7.81, which is a 40% rise from its current price level.
Whale Activity and Large Transactions
Amidst this, recent data shows that whales picked up a large portion of TON at the bottom when it crashed. According to data from IntoTheBlock, the TON network has seen an increase in large transactions.
The number of TON transactions valued between $1 million and $10 million has increased 46%.
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Similarly, there has been a 50% rise in more significant TON deals valued at over $10 million. An optimistic indicator is an increase in the number of significant transactions for an asset.
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