Toncoin and Other TON Ecosystem Tokens Lead the Decline
The cryptocurrency world was rocked last week with the arrest of Telegram founder Pavel Durov in France. This event notably impacted cryptocurrencies tied to the popular messaging app, particularly Toncoin (TON) and other associated tokens. Due to this incident, several of these coins made it to our list of the most depreciated cryptocurrencies for the week. Here are the five cryptocurrencies from the top 100 by market capitalization that experienced the steepest declines, based on publicly available data.
Helium (HNT)
- Capitalization: $1 billion (as of end-August 2024)
- Maximum Price: $50.7
- Circulation: 160 million
- Weekly Decline (Aug. 20-27): -12.5%
Helium (HNT) saw a price correction during the week, dropping by 12.5% to trade at $6.58. Despite this decline, HNT was previously among the least affected cryptocurrencies and had even experienced recent price increases. The Helium protocol operates a decentralized wireless network of mobile access points, rewarding users with HNT tokens for their participation.
Brett (BASED)
- Capitalization: $837 billion (as of end-August 2024)
- Maximum Price: $0.2
- Circulation: 9.9 billion
- Weekly Decline (Aug. 20-27): -17%
Brett, a memecoin, took the fourth spot on our list. Although it shares its origin story with the PEPE token, the two projects are not officially related. Brett’s value peaked at nearly $0.2 in June but has since experienced a prolonged decline, falling by 17% to $0.0086 during the last week of August.
Notcoin (NOT)
- Capitalization: $902 million (as of end-August 2024)
- Maximum Price: $0.02883
- Circulation: 105.5 billion
- Weekly Decline (Aug. 20-27): -20%
Notcoin, another coin associated with the Telegram ecosystem, saw a 20% decline last week, trading at $0.00876. Launched on January 1, 2024, as part of a Web3 game within Telegram, Notcoin attracted significant attention by allowing users to mine tokens through simple smartphone interactions. Despite initial growth, the token has struggled recently.
Toncoin (TON)
- Capitalization: $13 billion (as of end-August 2024)
- Maximum Price: $8.1
- Circulation: 2.5 billion
- Weekly Decline (Aug. 20-27): -21%
Toncoin was expected to top our list due to the impact of Pavel Durov’s arrest. The price dropped to $5.3 at one point and is now trading at $5.46. Toncoin had been on a growth trajectory since February 2024, but recent events have significantly impacted its value.
Dogs (DOGS)
- Capitalization: $621 million (as of end-August 2024)
- Maximum Price: $0.0018
- Circulation: 550 billion
- Weekly Decline (Aug. 20-27): -22%
Dogs token experienced the highest percentage drop, falling by 22%. However, this decline should be taken with a grain of salt, as trading for DOGS only began on August 26. The token’s initial price spike was typical of new listings. The Dogs application, launched in Telegram in early July, rewards users with tokens based on account age and new user referrals. Despite the volatile start, the token has garnered significant interest, with over 50 million users registered in just a few years.
Conclusion
Last week saw significant declines in the value of several cryptocurrencies, particularly those associated with the TON ecosystem. While market fluctuations are common, significant events like the arrest of a high-profile individual can have substantial ripple effects.
My name is Jay Skrantz, and I’ve been a freelance writer for 10 years, concentrating largely on investment brokerage, mutual fund investing, and financial analysis topics. As a reporter, I’ve written extensively for a wide variety of sites and publications like SeekingAlpha, MoneyShow, and MotleyFool. I’ve also done substantial freelance work for a number of financial publications, including MarketWatch, CIO Magazine, and TheStreet.
