The remarkable seven-week climb of Toncoin (TONNE), the primary cryptocurrency of Telegram Messenger, came to a stop shortly after Pavel Durov’s address at TOKEN2049 in Dubai.
Toncoin (TON) loses 12% in minutes: Dissapointment?
Toncoin (TONNE), a cryptocurrency linked to Telegram, decreases sharply from $7.2 to $6.3 on significant spot markets in a short amount of time. As a result, the overhyped cryptocurrency dropped 12.5% of its value in less than 30 minutes after ending a triple-digit run.
$1.14 million in TON/USDT long bets on futures trading platforms were wiped by this decline. TONNE has gained 141% in value from the beginning of its rise in late February.
Pavel Durov, the inventor of Telegram, made a significant statement, yet the coin crashed still. On top of the TONNE blockchain, it revealed intentions to bring back Telegram stickers, emoticons, and NFTs as well as provide tip-sending functionality.
The world’s largest stablecoin, U.S. Dollar Tether (USDT), was also launched using TONNE rails, according to Paolo Ardoino of Tether.
Before the introduction of TOKEN2049, Pavel Durov released an extremely unusual interview with conservative American political journalist Tucker Carlson. But the much-awaited address seemed more like a “buy the rumour, sell the news” kind of occasion.
Tether’s USDT debuts on TON, more stablecoins to come
The initial capitalization of U.S. Dollar Tether (USDT) on TONNE will be $10,000,000, in accordance with Tether Limited’s “Transparency” tracker.
In perspective, this means that it will represent less than 0.01% of Tether’s total market capitalization, or USDT, which is on track to reach a new high of $110 billion.
In addition, the Tether Transparency website indicates that stablecoins XAUT, EURT, CNHT, and MXNT will be released on TONNE in addition to the USDT debut.
