There was a slight correction in the crypto market today, with Bitcoin falling back to $63,000 and Ethereum falling back to $2,680.
The overall decline of altcoins was around 5%, among which HNT and AKT performed the strongest, rising against the trend by more than 10%.
Binance officially launched the DOGS project yesterday. It was similar to what we expected. After DOSG was launched, the selling pressure was relatively large. It is currently fluctuating at 0.0012 US dollars, with a 24-hour drop of more than 30%.
The transaction volume of the BNB chain has been very large recently, even surpassing the Solana chain at one point. Although there are no particularly outstanding projects on the BNB chain yet, the market heat is shifting to the BNB chain, so you can pay attention to it.
The news worth noting is:
1. French President Macron said: The founder of Telegram was arrested due to judicial investigation and there was no political motive involved.
Telegram founder Durov was arrested in France, and the founder is Russian, which seems to be politically correct.
Russian official Mizulina believes that the United States is behind the arrest. The arrest of Durov is to crack down on Toncoin, which is circulated on Telegram. She said that in this way, the United States will continue its sanctions policy.
After Durov was arrested, TON fell by more than 20% and also fell out of the top ten in the market capitalization rankings. The total locked volume on the TON chain also fell by more than 50%, indicating that institutions are in a serious risk aversion mood.
So is there still hope for the TON ecosystem?
I think TON has relatively high short-term risks. If you have a low risk tolerance, I suggest you exit and observe first.
But its mid- to long-term fundamentals are still there, and the traffic entrance of the Telegram platform will not disappear for the time being. We will have to observe how the founder of Telegram resolves its legal issues in the future.
The sharp drop in the prices of TON and NOT this time was mainly due to market manipulation and panic. Some people used the negative news of the arrest of the founder of TG to manipulate the market.
In addition, this decline occurred on the weekend when market liquidity was very poor, which amplified panic sentiment and further affected the price of the currency.
There are very complex political factors behind the arrest of Telegram's founder Durov.
Although Durov is the face of Telegram, his current administrative authority is limited.
TON was originally developed by the Telegram team, but due to charges by the US SEC, the TON chain ceased operations for a time.
Later, the TON Foundation took over and continued to operate the TON chain, continuing the philosophy of the Telegram founder.
Currently, TON and Telegram are two independent projects, but they cooperate very closely, and TON is basically Telegram's own child. The TON chain can rely on Telegram to obtain a large amount of user traffic.
Therefore, as long as Telegram does not collapse, TON's fundamentals will still exist.
But it should be noted that Binance has launched several TON ecosystem projects in succession. Under this special circumstance, Binance may temporarily stop launching new projects.
Therefore, the short-term market fluctuations of the TON ecosystem will be relatively large, and those who want to buy TON at the bottom should be mentally prepared.
