The Open Network (TON) and its native token have been facing a rollercoaster ride of challenges lately. Just recently, the price of TON plummeted by more than 90% in a matter of minutes on CoinMarketCap. The graph illustrating this drastic drop showed TON slumping rapidly from $5.2 to about $0.3. This sudden crash, however, was not directly attributed to Toncoin and its team. It was, in fact, an issue related to a popular crypto aggregator. Users reported the problem on X, and TON’s price quickly regained its value against the dollar, currently showing $5.2 again.
This recent price dump is just one of the many issues that have affected Toncoin in the past few weeks. The network experienced two back-to-back outages last week, being offline for over 12 hours in total. These outages were a result of massive demand for one of the meme coins launched on the blockchain – DOGS. The surge in demand caused strain on the network, leading to disruptions in its operations.
Adding to the list of challenges faced by TON, Pavel Durov, the CEO of Telegram and a supporter of the project since its inception, was arrested in France around ten days ago. He reportedly faced a number of preliminary charges, adding a layer of legal troubles to the project. The arrest of such a key figure in the project could have implications on its future development and operations.
The series of challenges faced by TON in recent weeks raise concerns about the project’s stability and reliability. While some issues like the price dump were external factors beyond the team’s control, others like network outages and legal troubles involving key figures within the project could have long-term implications. Investors and users of Toncoin may be wary of these developments and their potential impact on the project’s value and usability.
The recent challenges faced by TON, including price fluctuations, network outages, and legal troubles, highlight the volatility and uncertainties in the crypto space. While the project has shown resilience in overcoming some of these challenges, the accumulation of issues over a short period raises questions about its long-term sustainability. Moving forward, it will be essential for TON to address these concerns proactively and demonstrate its ability to navigate through turbulent times in the cryptocurrency market.