Toncoin Outperforms Bitcoin and Ether as TON Blockchain Resumes Operations
Toncoin (TON) has shown resilience compared to other tokens in the market as its blockchain operations resumed following a brief downtime. The protocol’s native token, TON, managed to recover some of its losses as the blockchain restarted after experiencing nearly five hours of downtime.
The temporary halt in operations was partially attributed to the DOGS airdrop’s popularity, a campaign by the Ton Foundation aimed at raising awareness about the perceived unjust arrest of Pavel Durov. Despite this setback, TON weathered the storm, demonstrating its stability amidst market fluctuations.
Throughout the trading day in East Asia, TON managed to reduce its losses and is now down by less than 1% according to data from CoinDesk Indices. In contrast, the CoinDesk 20 (CD20), which tracks the largest and most liquid digital assets, experienced a significant decline of over 6.5%. This downward trend was primarily driven by a market-wide slide led by Bitcoin (BTC), resulting in over $300 million in crypto futures liquidations, marking the highest figure since early August.
BTC witnessed a 6% drop, while other major tokens like Ethereum (ETH), Solana’s SOL, Cardano’s ADA, and Dogecoin (DOGE) saw declines exceeding 5%. XRP showed relative strength with a 3.4% decrease, with Tron’s TRX being the best performer among major tokens despite a 2% drop.
The market turmoil led to significant liquidations in Ether futures amounting to $102 million, followed by Bitcoin at $96 million and several smaller alternative tokens totaling $40 million. These sudden liquidations contributed to a long squeeze, exacerbating the overall market downturn.
As a result of these developments, U.S.-listed Bitcoin exchange-traded funds (ETFs) experienced over $127 million in net outflows, breaking an eight-day streak of inflows. Ethereum ETFs also faced continued outflows for the ninth consecutive day, with over $3.45 million leaving the products.
In the realm of artificial intelligence (AI) tokens, the market saw a downturn despite the anticipation of strong earnings from Nvidia, one of the leading players in the AI sector. Tokens like NEAR, ICP, FET, TAO, and RNDR experienced significant declines, reflecting the broader market sentiment.
The recent shifts in sentiment surrounding AI tokens and Nvidia have raised concerns among investors, with market experts predicting a potential correction in September. Amidst increased volatility, market participants are closely monitoring the performance of key players like Nvidia and preparing for potential market fluctuations.
In a separate development, Hong Kong-based custodian Hex Trust announced the launch of a staking partner program, offering clients enhanced access to staking services. This move underscores the continued institutional interest in the cryptocurrency asset class, signaling ongoing developments in the crypto space.
