Cryptocurrency Toncoin (CRYPTO:TON) faces divided opinions over its investment potential amid market volatility.
What happened
According to CriptoNoticias, the debate over the viability of Toncoin is still alive. Some analysts believe that TON still has room for recovery, while others think that the road will be complicated.
Despite setbacks such as the recent arrest of the CEO of Telegram, Pavel Durovand technical problems in the TON network, the price of the cryptocurrency has shown resilience. The trader known as Pastanaga Crypto He stressed that despite the adversities, the price of Toncoin has shown positive behavior.
It is worth noting that $TON It’s only down 4% since its Blockchain stopped producing blocks.
And it’s down just 1.4% in the last 24 hours while BTC, ETH and SOL have fallen much more.
What will happen when the current problem is fixed? pic.twitter.com/C7ONy0wXM5
— Pastanaga (@PastanagaCrypto) August 28, 2024
On the other hand, Panther Capitalone of the largest investors in the TON network, has not withdrawn its money from the project, suggesting that its bullish theses remain valid. In May, the firm announced a significant investment in TON.
However, TON faces notable challenges. Although there is no official link between TON and Telegram, they both share a common past. This dependence on Telegram can play both in favor and against TON.
The arrest of Pavel Durov in France has caused concern among users of the platform, directly affecting TON, whose price has fallen by 10% in the last seven days. Currently, TON is trading at $5.26.
One of the unfavorable aspects of TON is its infinite maximum supply, which could lead to long-term depreciation against coins such as Bitcoin (CRYPTO:BTC). The TON network has also experienced technical issues, including an interruption in block production on August 28.
TON Blockchain is currently experiencing a disruption in block production.
The issue is occurring due to the abnormal load currently on TON. Several validators are unable to clean the database of old transactions, which has led to losing the consensus.
TON Core has issued a call…
— TON 💎 (@ton_blockchain) August 28, 2024
You can also read: Spain in the top 20 countries with the largest number of Bitcoin users
Why is it important?
The debate over the viability of Toncoin as an investment is intensifying at a crucial time for the cryptocurrency market. The arrest of Pavel Durov in France has added a layer of uncertainty, especially given the historical link between TON and Telegram. The drop in TON’s price over the past week reflects the market’s sensitivity to these events.
Pantera Capital’s continued investment in TON, despite challenges, suggests an underlying confidence in the project. However, the disruption in block production on the TON network raises questions about its long-term stability.
TON’s infinite maximum supply is another factor that could influence its long-term value. Unlike Bitcoin, which has a limited supply, TON could face depreciation if not managed properly.
Photo: Toncoin
You can also read: Ibex 35 Total Return leads with irresistible dividends: Is it time to invest?
For more updates on this topic, please turn on notifications from Benzinga Spain or follow us on our social media: X and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial gives you access to exclusive insights so you can receive actionable trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
