TON Price Struggles to Hit $5 This Week

The TON price lost its $5-$5.30 level during this week but never managed to get back.

According to CoinGecko, the TON price fell from $5.33 (highest point) to $4.55 (lowest point). At the time of writing, the coin has corrected slightly to $4.73.

The TON price history for the last 7 days. Source: CoinGecko

TON Daily Active Users on the Rise

The TON is still a popular blockchain among the rest. Despite the recent arrest of founder Pavel Durov and his subsequent release, the network continues to operate its crypto projects.

According to Token Terminal, the daily active users of TON grew by 48.5%. Monthly, the blockchain entered the top 5 and ranked 3rd with a growth of 6.25 million, an increase of 26.4%.

The ranking of blockchains by growth of active users. Source: Token Terminal

At the same time, the TON Total Value Locked dropped by almost 50%

Following the arrest of Pavel Durov, the Total Value Locked (TVL) of TON has dropped noticeably. According to DeFiLlama, the blockchain’s TVL fell 46.21% in one month.

This is the worst performance among other chains in decentralized finance (DeFi). In second place in this anti-rating is Bitcoin, which has lost 25.12% of TVL in the last 30 days.

The ranking of chains by TVL. Source: DeFiLlama

What’s Next for the TON Price?

Back on Sept. 4, a crypto trader under the nickname Ali on X (formerly Twitter) wrote that the Toncoin needs to hold the $4.70 level. However, if TON collapses below that, there could be a deep correction to the $2.63 level, which is about a 45% drop.

#Toncoin needs to reclaim the $4.70 support level soon. If $TON fails to do so, a 45% correction down to $2.60 could be likely. pic.twitter.com/Jv0V47sXjQ

— Ali (@ali_charts) September 4, 2024

Another trader under the nickname Crypto Tony also expects two scenarios to unfold: either rising to the $5.12 level or falling below $4.40.

$TON / $USD – Update

A reclaim of $5.12 or the sweep of the lows is what i am looking for at this point for a position pic.twitter.com/WTCeQPFpnc

— Crypto Tony (@CryptoTony__) September 6, 2024

The TON meme coins are also showing a drop over the last week, according to CoinGecko. Dogs (DOGS) started trading on crypto exchanges recently but has already become the largest coin in this ranking with a market capitalization of $487 million.

The DOGS lost 23.2% during the week. The Resistance Dog (REDO), in second place by market capitalization among TON meme coins, fell 17.7%.

The Ton Cat (TCAT) is in third place and lost 16.1% for the week. At the same time, the monthly ratio is 54.3%.

The TON meme coins by market capitalization. Source: CoinGecko