Toncoin (TON) has seen outflows in the last 24 hours after recording huge gains in recent months. The native utility token of The Open Network is down 3.28% today and over 5% this week. The weekly liquidation for the asset comes amid positive inflows across the cryptocurrency market.
The crypto market has recorded positive sentiments in the aftermath of the CPI report which shows declining U.S. inflation. As a result, the price of Bitcoin (BTC) soared above $66,000 marking a sharp increase from previous levels. This rise was also seen in altcoins with several assets making double-digit gains.
Reasons For Bearish Tone
Toncoin is known for outpacing top coins this year due to partnerships and on-chain developments. However, recent corrections have raised bearish concerns. Firstly, the asset has recorded plunging daily volumes. At press time, TON trades at $6.462 with daily trading volumes at $280 million, a 34.7% decline.
This led to a bullish sentiment placing weekly flows in the red zone. The recent decline of gaming tokens, Notcoin is also linked to the fall of Toncoin. NOT slumped 50% after marking sharp gains in the market. The asset’s recent surge was due to its airdrop marking the launch with a frenzy across crypto spaces.
Notcoin picked up huge announcements from Binance, OKX, and Bybit attracting more flows within hours generating $294 million in volumes. The decline started when most users began selling their assets leading to a crash in price. Crypto analysts drew lines with the pattern of most airdrops as users look to make quick profits.
Toncoin’s Yearly Rise
This year, Toncoin was hailed as an asset that outpaced Bitcoin despite huge growth recorded in the latter following spot ETF approval by the Securities and Exchange Commission (SEC). TON outpaced BTC with over 160% year-to-date gains as BTC registered corrections after hitting an all-time high.
Recently, TON Whales increased market activity with over $1 billion worth of assets pushing its price.
Also Read: Here’s Why XRP Price Can Surge 3000% To Gain $18 Soon
The post Toncoin Faces Weekly Liquidations: Here’s Why appeared first on CoinGape.
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