The Open Network and its native token continue to experience various issues, some of which are not even related to the team and the project.
After the outages from last week due to the high demand for DOGS, today, the price of TON plummeted by more than 90% in minutes on CoinMarketCap.
As the graph above demonstrates, TON slumped rapidly from $5.2 to about $0.3 on CoinMarketCap. This meant a massive 94% dump in just minutes.
However, this crash was seemingly not related to Toncoin and its team. It was an issue related to the popular crypto aggregator.
Users reported the problem on X, indicating that TON’s price quickly regained its value against the dollar and currently shows $5.2 again. Moreover, there are no complaints about such a price dump on any of the cryptocurrency exchanges.
Nevertheless, this is yet another issue that has impacted Toncoin in recent weeks. Recall that the network suffered two back-to-back outages last week and it was offline for over 12 hours in total.
This came following massive demand for one of the meme coins launched on the blockchain – DOGS.
Additionally, Pavel Durov, the CEO of Telegram, which has been supporting the project since its inception, was arrested in France about ten days ago and was reportedly handed a number of preliminary charges.