The Open Network and its native token, TON, recently experienced a significant drop in price. The price plummeted by over 90% in just a few minutes on CoinMarketCap. This sudden crash saw TON’s value decrease from $5.2 to around $0.3. Despite the alarming drop, this issue was not directly caused by Toncoin or its team. The crash was attributed to a problem with a popular crypto aggregator.
Fortunately, TON’s price quickly bounced back to $5.2 after the initial drop. Users reported the problem on various platforms, and the issue seemed to be isolated to the crypto aggregator. The token’s value against the dollar stabilized, and there have been no further complaints about drastic price changes on cryptocurrency exchanges.
This recent price crash is just one of many challenges that the Open Network and TON token have faced in recent weeks. The network experienced back-to-back outages last week, where it was offline for a total of over 12 hours. These outages were linked to the high demand for meme coins like DOGS, which caused strain on the network.
In addition to technical issues, Pavel Durov, the CEO of Telegram and a supporter of the Open Network project, was recently arrested in France. Durov faced several preliminary charges, which added to the negative sentiment surrounding the project. The arrest and subsequent legal issues may have contributed to the challenges faced by the Open Network and TON token.
The Open Network and its native token, TON, continue to experience a range of issues that are impacting their performance and reputation in the cryptocurrency space. From price crashes to technical outages and legal troubles for key figures, the project faces an uphill battle to regain stability and investor confidence. It is essential for the team behind the Open Network to address these challenges promptly and transparently to ensure the project’s long-term success.