Why Toncoin is Facing Weekly Liquidations

Greetings, cryptocurrency enthusiasts! The Toncoin (TON) has experienced some outflows in the past 24 hours, following significant gains in previous months. The native utility token of The Open Network is currently down by 3.28% today and over 5% for the week. Despite this, positive inflows are seen across the cryptocurrency market as a whole.
The cryptocurrency market has been buzzing with positivity after the recent CPI report indicated a decline in U.S. inflation. This positive news led to Bitcoin (BTC) surging above $66,000, marking a substantial increase from its previous levels. Altcoins also saw notable gains during this period.

Factors Contributing to Bearish Trends

Toncoin has been known to outperform other major coins this year due to strategic partnerships and on-chain developments. However, recent corrections have raised concerns regarding bearish trends. One significant factor contributing to this is the decreasing daily trading volumes for TON, which currently trades at $6.462 with daily volumes at $280 million, representing a 34.7% decline.
These factors have led to a bearish sentiment, with weekly flows showing a negative trend. Additionally, the recent decline in the gaming token, Notcoin, is also linked to Toncoin’s decrease. NOT experienced a 50% slump after a period of sharp gains in the market, triggered by an airdrop that caused a frenzy in the crypto community.

Remarkable Growth of Toncoin This Year

Toncoin has been a standout asset this year, surpassing even Bitcoin in terms of growth despite BTC’s surge following the SEC’s approval of a spot ETF. TON has registered over 160% gains year-to-date, outpacing Bitcoin as it faced corrections after reaching its all-time high.

In recent times, TON Whales have significantly increased market activity, holding assets worth over $1 billion, which has further influenced its price trajectory. Exciting times indeed for Toncoin and the broader cryptocurrency market!
Also Read: Discover Why XRP Price Could Skyrocket by 3000% to Reach $18 Soon

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