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Toncoin sees decline in key area: Any impact on TON?
The cryptocurrency market has been witnessing various fluctuations over the past few days, with some coins experiencing a sharp drop in value. One such coin that has seen a significant decline is Toncoin (TON). According to recent reports, the number of swaps on the TON network decentralized exchanges has experienced a steep decline.
As it stands, there are concerns among analysts and investors alike about the potential impact this might have on the price of TON in the long run. One reason for the decline could be attributed to the lack of confidence exhibited by investors in the market, leading them to close their positions and reduce their risks.
In a recent analysis by CryptoQuant analyst Joao Wedson, it was revealed that the average daily users on STON.fi have declined significantly, with only 13,300 users recorded. This is a massive drop from September levels when the altcoin saw almost 200,000 daily users on two platforms. On DeDust, the decline has been even more severe, with only 5,250 users registered.
These declines have led to a major reduction in open positions on decentralized exchanges, resulting in many traders either liquidating or reducing their exposure to these platforms. The TON community has also experienced uncertainty due to ongoing legal issues surrounding its founder, which may be impacting participation and trust in network-based platforms.
Another factor contributing to this decline could be the current unfavorable conditions faced by the overall crypto market since the last Fed rate cuts. This has led to a significant drop in trading volumes and reduced risk appetite among investors.
In recent times, we’ve seen a shift in interest from decentralized trading towards staking, which may have contributed significantly to the decline in TON’s interest. Historically, periods of low interest and market inactivity have been attractive entry points for investors.
Source: ambcrypto.com
