Toncoin (TON) has once again demonstrated its resilience, outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) amidst a broader market downturn. Despite a five-hour outage on the TON blockchain, TON's losses were minimal, showcasing its ability to withstand challenges.
The recent market slump saw significant liquidations and declines across most major tokens. However, TON's performance remained relatively stable, thanks in part to the overwhelming popularity of the DOGS airdrop. As the blockchain came back online, TON's losses were limited to less than 1%, contrasting sharply with the over 6.5% drop in the CoinDesk 20 (CD20) index.
The broader market was hit hard, with Bitcoin falling by 6% and Ethereum, Solana, Cardano, and Dogecoin all experiencing declines of over 5%. XRP showed relative strength with a 3.4% drop, while TRX outperformed with a 2% decline.
A series of significant liquidations contributed to the market's downward spiral. Over $300 million in crypto futures liquidations occurred, with Ether futures taking the biggest hit. The resulting long squeeze exacerbated losses as traders were forced to sell into a falling market.
Open interest in Bitcoin futures declined, indicating waning trader sentiment. Outflows from U.S.-listed Bitcoin ETFs further fueled the sell-off, as traders appeared to take profits after the Jackson Hole rally.
AI-related tokens, which had been riding high on anticipation of Nvidia's earnings report, also took a hit. NEAR, FET, and Bittensor's TAO all experienced double-digit declines.
Despite the turbulence, institutional interest in the asset class remains strong. Hex Trust announced the launch of a staking partner program, providing clients with expanded access to staking opportunities.
As the market continues to navigate volatility and uncertainty, Toncoin's ability to recover quickly from the recent outage highlights its potential for long-term growth.
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