Backed by Telegram's huge user base, the public chain TON has developed rapidly since this year, causing the currency price to continue to rise, once breaking through the historical high of US$7.6, and its market value has ranked among the top ten cryptocurrencies.

However, Chris, co-founder of Ghost Fund of the public chain Cardano, posted on the social platform X later on Thursday (30) that TON’s market value dropped by $6 billion overnight, which is very suspicious:

Guys, I’m not a genius, so please explain to me how TON could lose $6 billion in market cap overnight and still not see a change in price? This is crazy.

Is TON suspected of falsifying its market value?

In response to this situation, Chris posted a note from the official TON Telegram account later on the 30th. TON announced that in order to comply with Coingecko’s industry standards, TON updated the circulating supply of its tokens on the three major data aggregators, Coingecko, CoinMarketCap and Tontech.io, and excluded the following tokens from the calculation:

  • Tokens held by TON Believers Fund

  • Tokens held by Telegram

  • Tokens held by the TON Foundation

In this way, the evaporated market value of TON seems to correspond to the value of the above-mentioned excluded tokens.

However, Chris still mocked it:

Hahahaha, TON was caught artificially inflating their market cap via CoinMarketCap and CoinGecko data aggregators!

How many retail investors were deceived into buying TON because of this? They should be held accountable and punished.

TON falls out of top 10 cryptocurrencies by market value

However, according to Coingecko data, the price of TON tokens does not seem to have fluctuated drastically due to this, and is $6.35 at the time of writing.

However, after TON updated its circulating supply, its circulating market value did evaporate by nearly $7 billion, reaching $15.45 billion at the time of writing, and was overtaken by Cardano (ADA) in Coingecko's overall cryptocurrency market ranking, ranking 11th.

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