Toncoin price has retreated by 44% from the year-to-date high, and is at risk of further downside. TON may continue falling as popular cryptocurrencies in its ecosystem like Hamster Kombat, Catizen, and Notcoin crash. More data show that key network metrics have either stalled or deteriorated.
Toncoin Price Pressured as Network Growth Fades
Data by TonStats show that the Toncoin ecosystem is not doing well. For example, the number of transactions per day has dropped to 5.6 million, down from over 16 million in September this year.
Toncoin transactions per day | Source: Tonstats
More data show that the number of on-chain wallet activations per day has dropped from 650,000 in September to 110,000.
Additionally, the number of Toncoins minted per day has risen to over 74,000, the highest level in almost a year. At the same time, TON’s token burn trend has deteriorated, with the number of these burns moving to 7,500.
TON price has also dived because of the performance of the top tap-
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