TON Ecosystem Coins in Red, Data Says

Today, Sept. 4, 2024, the ecosystem of TON-based cryptocurrencies is in deep red. The most attractive assets are underperforming compared to the market's benchmark. Two out of five worst performers in the top 100 include TON's cryptos.

Toncoin (TON), Notcoin (NOT) amid worst performing cryptos

Notcoin (NOT), the first mainstream cryptocurrency of the TON ecosystem, is the absolute worst performer today in the ranking of the top 100 cryptos by market capitalization.

Image by Coingecko

Notcoin (NOT) lost 6.4%, which can only be compared to Cosmos (ATOM) losses. In general, cryptocurrency market capitalization is down by 2% today.

Toncoin (TON), a key cryptocurrency of the TON blockchain, is down by 5.7%, which is the third worst result today. The cryptocurrency market cap dips below $11.8 billion.

Dogs (DOGS), the largest airdrop on TON so far, is down by 3.4% and is getting closer to plunging below the $500 million capitalization mark.

As covered by U.Today previously, Dogs (DOGS) failed to stop plunging after issues with the airdop. In the last seven days, it lost one-third of its value.

Also, on Sept. 2, 2024, a DOGS trader registered a whopping $2.72 million long liquidation, which is very painful in the segment of small-cap altcoins.

Resistance Dog (REDO) remains lone green spot

Meanwhile, Resistance Dog (REDO) is the only major TON-based cryptocurrency that managed to see its price increased in last 24 hours.

REDO price is up by 22%; the token's capitalization is back above $35 million in equivalent.

Launched in early August 2024, REDO token witnessed a huge liquidity inflow after Pavel Durov's arrest in Paris; REDO price added 300% in almost no time.

The crisis in the TON ecosystem can most likely be attributed to the uncertainty in the legal status of Pavel Durov and the unstable performance of TON mainnet during high traffic. Also, yesterday's "flash crash" of the TON price indication due to problems with API caused market panic.