Screenshots circulating on social media claim that the TON (Toncoin) price experienced a dramatic crash. However, this incident requires clarification.
On Tuesday, a glitch on CoinMarketCap led to an erroneous display of TON’s price, showing a sudden drop of 93% to $0.3. In response to user concerns, CoinMarketCap addressed the issue on X (formerly Twitter), confirming there was a technical glitch.
The glitch briefly showed TON’s price plummeting on the live price chart, despite the actual trading price remaining stable around $5.2 across exchanges. This was an isolated technical error, not a real market event. The screenshots being shared reflect this momentary glitch rather than any actual price drop.
CoinMarketCap Data Glitches Are Not New
CoinMarketCap has a history of such glitches. These issues usually stem from the complexities of integrating data from various exchanges through APIs. In 2021, a similar problem caused CoinMarketCap to display inflated prices for major cryptocurrencies, leading to confusion among traders. The data aggregator firm also had to face open criticism from top crypto exchanges.
Given that many platforms rely on CoinMarketCap’s API for live crypto prices, such glitches can have widespread implications. It’s essential to cross-check data on multiple sources to avoid being misled by temporary errors.
TON Continues To Struggle
TON continues to struggle after its prices dropped by 20% following the Telegram CEO Pavel Durov’s arrest. Moreover, there are fresh probes launched by authorities against Telegram.
Last week, The Open Network also faced two major outages attributed to the launch of the DOGs airdrop which led to an unprecedented increase in the number of transactions on the TON blockchain.
However, against the odds, TON price has managed to hold a crucial support. Currently, TON is trading slightly above the $5 mark in a support zone. It has not slipped past this crucial support price since Aug 5, when it had dropped to $4.8.
