TON Ecosystem Unsafe: Will Toncoin (TON) Crypto Price Hold Up?

• 1 TON is hovering above the 50 and 200 Day EMAs.
• 2 Founder warns of phishing in TON ecosystem, urging extra security measures.
• 3 Developer activity for Toncoin is declining, exhibiting weakness in the project. 

The Toncoin (TON) chart suggests that some levels are to be cleared at supply here, and it is likely to appear close to price discovery again.

The circulating supply is more than 45%, at 2.458 Million TONs out of the total supply of 5.108 Million TONs. Currently, its liquidity is weak at 1.93%, which is most likely to present less stable markets. Meanwhile, the price and market cap declined 6.20% in the intraday, where the price is at $7.16, and the market cap is at $17.593 Billion, it ranks 8th on CoinMarketCap.

Is TON Network Not safe

Recently, the founder of SlowMist warned via a tweet post that the Telegram messenger ecosystem is “too free” for exploiters of the TON ecosystem. There are phishing activities in the TON ecosystem, and many phishing links are spread via bots in various message groups.

TON 生态的钓鱼开始多了，Telegram 生态过于自由的特点，许多钓鱼链接（或 bot 形式）通过消息群组方式传播，空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产（包括 NFT，特别的如 Anonymous Telegram Numbers，类似手机号，许多人用于创建 Telegram 账号，这个被钓走，意味着对应的 Telegram…

— Cos(余弦)😶‍🌫️ (@evilcos) June 24, 2024

If the user has enabled an independent password, the two*step verification, the user’s account could be saved from trickery and cannot be phished away.

What is the TON Holder base Looking like?

As CoinMarketCap highlights, the whales have significantly declined since the start of  2024, and there seems to be no growth, while retailers are rising. Addresses by holding highlights that 99.61% of addresses hold below $100k, while 0.39% hold $100k+. The time held in accordance with addresses highlights that more than 50% are cruisers in the ecosystem, genuine holders are 28.30%, and traders are 18.12%.

Holdings Data | Source: By CoinMarketCap

The whale holder pattern looks unstable as there has been a decline in the number of whales holding the crypto. This could explain the number of cruisers, which shows that investors do not have enough confidence for a longer-term performance.

Developer Activity and Count Need to be Taken into Account

The Toncoin chart highlights a weakness in the developer activity as the developer activity and contributor’s commit count is declining. The developer activity and commit count highlight deterioration in TON, along with a lack of consistent activity, which is a negative sign.

Developer ACtivity | Source: Santiment.com

According to the Santiment website, there has been a decline in the fallen behavior of the metric, showing a lesser possibility of further upcoming updates in the crypto environment. This further can result in the decline of the use case of the crypto and also user engagement.

What Does Ton Coin Price Action Indicate?

Despite pessimistic news regarding TON and declining major metrics, the TON technical charts depict bullish behavior. A higher high swing structure was seen on the daily chart.

Analyst crypto optimistic tweet highlights that the price has been approaching the $7.60 level, and the price on the daily chart has been riding an upward trendline. This tweet signifies that the major analyst perspective is bullish.

$TON / $USD – Update

$7.60 is the level to reclaim for a nice, safer entry pic.twitter.com/TQsvQWTwxj

— Crypto Tony (@CryptoTony__) June 23, 2024

The long-term trend, based on 50-day and 200-day EMAs, is bullish, as the price is above them.

The other tools, including the MACD and RSI, highlight pessimism. Therefore, if the price breaks the trendline below and surpasses the previous swing low, the price could turn bearish.

On the contrary, if the price surges from the upward trendline, it could go to a higher level.

Summary

Toncoin (TON) remains strong amid market downturns, showing upward trends. Circulating supply is 45% at 2.458 Million out of 5.108 Million total. Weak liquidity at 1.93% indicates unstable markets. The founder warned of phishing in TON ecosystem, urging extra security measures. Whales decline, unsure of TON’s stable future.

Developer activity for Toncoin is declining, exhibiting weakness in the project. Santiment data suggests fewer updates ahead, potentially impacting usability. Despite this, technical charts show bullish patterns, with an analyst predicting a price increase to $7.60. While some indicators are bearish, others remain optimistic.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.