The post Ton coin Plummets 94% Due to Glitch, Community in Panic appeared first on Coinpedia Fintech News
Ton coin suddenly fell around 90% and displayed $0.30. Don’t panic, this did not happen really but this was just a glitch on coinmarketcap, but this caused the market to move. Let’s explore what actually happened and how it impacted the community.
Ton fell to $0.31
A few hours ago the price of the Ton coin suddenly plummeted around 94% from $5.28 to $0.31. This caused the crypto community to panic. Due to this sudden price movement, the community got filled with speculations of a rugpull. Amidst the ongoing crypto attacks that caused the community to lose millions of dollars this incident created another shockwave. The was unable to understand what actually happened, until an X post from Ton official account informed about the real cause.
Coinmarketcap Suffered a Glitch
The loss in price of Ton coin was caused due to a pricing glitch on coinmarketcap platform. As soon as the platform became aware of this, they shared a post informing the community that their developers are investigating the issue and will be fixed soon. According to the sources, this issue was caused due to a faulty API from a Russian source that is used to display the price of Ton coin on Coinmarketcap.
We’re aware of some inconsistencies in pricing data on our platform. Rest assured, our devs are actively investigating the issue and working to resolve it as quickly as possible. Thank you for your patience!
— CoinMarketCap (@CoinMarketCap) September 3, 2024
The issue was resolved in a few minutes and the correct price of the token reappeared. However, some damage had already been done. The market witnessed a sell off amidst speculations causing the price of Ton coin to fall by 7.48%. Currently it is trading at $4.904.
Amidst Market Turmoil, Caution is Crucial
The market is already filled with a lot of bearish sentiment. Community has been waiting for a real bull run for a long time, however as September has been a bearish month for Bitcoin in history, people have low hopes. Also in the last 3 months, the crypto market has seen a number of hacks and exploits, arrest of Telegram founder and such incidents created a sudden panic. Among all these things, it has become very difficult to understand what is real and what is just a fud. Community should practice caution and before they panic, must check with the legit sources for real information.
