Ton coin suddenly fell around 90% and displayed $0.30. Don’t panic, this did not happen really but this was just a glitch on coinmarketcap, but this caused the market to move. Let’s explore what actually happened and how it impacted the community.
Ton fell to $0.31
A few hours ago the price of the Ton coin suddenly plummeted around 94% from $5.28 to $0.31. This caused the crypto community to panic. Due to this sudden price movement, the community got filled with speculations of a rugpull. Amidst the ongoing crypto attacks that caused the community to lose millions of dollars this incident created another shockwave. The was unable to understand what actually happened, until an X post from Ton official account informed about the real cause.
Coinmarketcap Suffered a Glitch
The loss in price of Ton coin was caused due to a pricing glitch on coinmarketcap platform. As soon as the platform became aware of this, they shared a post informing the community that their developers are investigating the issue and will be fixed soon. According to the sources, this issue was caused due to a faulty API from a Russian source that is used to display the price of Ton coin on Coinmarketcap.
The issue was resolved in a few minutes and the correct price of the token reappeared. However, some damage had already been done. The market witnessed a sell off amidst speculations causing the price of Ton coin to fall by 7.48%. Currently it is trading at $4.904.
Amidst Market Turmoil, Caution is Crucial
The market is already filled with a lot of bearish sentiment. Community has been waiting for a real bull run for a long time, however as September has been a bearish month for Bitcoin in history, people have low hopes. Also in the last 3 months, the crypto market has seen a number of hacks and exploits, arrest of Telegram founder and such incidents created a sudden panic. Among all these things, it has become very difficult to understand what is real and what is just a fud. Community should practice caution and before they panic, must check with the legit sources for real information.
Source: https://coinpedia.org/news/ton-coin-plummets-94-due-to-glitch-community-in-panic/