Toncoin Halted: 3-Hour Outage Drops Price and Volume

Toncoin recently faced its first major downtime, causing a 3-hour outage. Even though the network is now back up, this disruption has led to a noticeable drop in both its price and trading volume. In this article, we’ll look at what happened during the outage and how it has affected Toncoin.

Toncoin Halted: 3-Hour Outage Drops Price and Volume

Toncoin (TON) has been rapidly expanding with a solid performance record until recently. This morning, however, the network encountered its first downtime incident.

Initial data from Tonscan reveals that block generation on the Ton network was interrupted for almost three hours. A member of the TON Foundation attributed the outage to an overload of transactions, especially those involving DOGS.

This disruption led to the temporary suspension of TON deposits and withdrawals on several exchanges, including Binance and ByBit.

The outage reportedly led to a loss of consensus among validators, requiring them to restart the network to get it back up and running. By the time of the latest update, TON had resolved the issue and restored network operations.

What Could be the Imapct of this outage on Toncoin?

While network downtime might shake user confidence, TON’s swift response and quick restoration could minimize any loss of trust.

The quick resolution of the issue also lessens the perceived impact of the incident.

TON now joins networks like Solana, which have also faced downtime. Despite this, TON has seen substantial growth, particularly since late February, with daily transaction volumes peaking at $11.31 billion in July. Recently, the volume has averaged $7.81 billion as of Monday.

The recent outage appears to have significantly affected the total volume, which fell to $163.18 million in the past 24 hours.

How has the Toncoin Price Moved Recently?

Today, Toncoin (TON) is priced at $5.53, with a 24-hour trading volume of $2.51 billion, a market cap of $19.23 billion, and a market dominance of 0.92%. The price of TON has risen by 0.45% in the past 24 hours.

Toncoin reached its all-time high of $8.27 on June 15, 2024. Its all-time low was $0.523925 on September 21, 2021. Since its peak, the lowest price recorded was $4.86, and the highest price since then has been $7.25. Currently, the sentiment for Toncoin’s price prediction is bearish, and the Fear & Greed Index shows a score of 30 (Fear).

The circulating supply of Toncoin stands at 3.47 billion TON out of a maximum supply of 5 billion TON. The yearly inflation rate is 1.25%, indicating that 42.82 million TON were added to the supply in the last year