Coinspeaker TON Ecosystem Coins in Red, Ominous Data Appear
The Open Network (TON) ecosystem is having trouble, as data available on the project’s ecosystem tokens are performing poorly. According to CoinMarketCap data, most of the ecosystem’s tokens have recorded a deep decline in price. A comparative chart of the ecosystem’s products paints a discouraging picture of the once-hyped platform.
TON, Hamster Kombat, and CATI Face Ongoing Price Decline
Toncoin TON $4.65 24h volatility: 3.5% Market cap: $11.84 B Vol. 24h: $331.59 M , the primary cryptocurrency of the ecosystem, has seen its price drop sharply from the $5.20 support level about a month ago. As of this writing, TON is exchanging for $4.61, a 4.88% decrease in the last 24 hours. Despite significant interest by investors that has driven market volume up by 11.41% to $214.98 million, the asset’s price has continued to nosedive. TON has plummeted by 7.93% in the past seven days despite several attempts to test early October levels.
The tap-to-earn Web3 clicker game Hamster Kombat appears to have lost its hype as well. The game, which is one factor responsible for the rapid growth of the TON ecosystem, has not lived up to the community’s expectations. In the last month, Hamster Kombat HMSTR $0.00244 24h volatility: 2.9% Market cap: $157.04 M Vol. 24h: $31.45 M price has suffered a 49.96% decline. The game also lost about 260 million players within a three-month period in what some have described as a crypto gaming bubble burst.
There is also bearish sentiment, given the drop in market volume by 13.59% to $22.23 million. Despite its general acceptance by the broader crypto community and getting listed on major exchanges such as Binance, OKX, and Gate.io, the market price of HMSTR stands at $0.002386, a 1.78% decrease in the last 24 hours.
Catizen, another tap-to-earn game that launched its CATI CATI $0.30 24h volatility: 0.4% Market cap: $61.56 M Vol. 24h: $48.89 M token for trading in September, is also in the red zone. CATI, which hit $1.08 in September after it launched, has now crumbled to $0.2884, losing over 60% of its value. Within the past month, CATI shed 43.31% of its market price and has continued to face major decline amid price fluctuations.
Uncertainty Surrounds TON Ecosystem’s Future
Notcoin (NOT) has followed the same negative growth path as others in the TON ecosystem. Within 30 days, NOT has shed 20.73% of its value as it plummeted. After reaching a critical support level of $0.005543, the coin staged a rebound but fluctuated. It currently exchanges for $0.005847 in the market amid bullish sentiment in the community.
Overall, uncertainty appears to have trailed the TON ecosystem since the French authority’s arrest of Telegram founder Pavel Durov in late August. Durov faces accusation of allowing criminals to use his platform for illegal activities
Market trend observers say the TON ecosystem probably needs to incentivize the community. They opine that restoring the hype that followed each of these projects while in the airdrop phase might help rebuild confidence. This could stabilize the ecosystem and catalyze price if done properly.
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TON Ecosystem Coins in Red, Ominous Data Appear
