The Toncoin (TON) network has witnessed a sharp decline in active addresses, marking its lowest levels since April. This downturn can be attributed to the underwhelming impact of recent Telegram airdrops, which failed to sustain user engagement and enthusiasm.
Telegram Airdrops and Market Sentiment:
The launch of DOGS and Hamster Kombat, two prominent Telegram airdrops, initially fueled a surge in Toncoin's activity. However, user dissatisfaction with the value of the airdropped tokens quickly dampened this enthusiasm. Many recipients expressed disappointment, leading to a decline in engagement with the Toncoin network.
Short-Term Holders and Price Pressure:
The influx of short-term holders during the airdrop period created speculation about a potential price surge to $7. However, the shifting sentiment and declining engagement have cast doubt on this prediction. The lack of sustained demand could negatively impact Toncoin's value.
Technical Analysis: A Bearish Outlook:
The Chaikin Money Flow (CMF) indicator currently sits below the zero line, suggesting that selling pressure is outweighing buying pressure. This bearish signal indicates a potential decline in Toncoin's price to $4.46.
Conclusion:
The decline in Toncoin's active addresses highlights the importance of sustained user engagement and value perception in driving cryptocurrency adoption. The underwhelming impact of Telegram airdrops and the shifting market sentiment have contributed to the current downturn. Investors should closely monitor these factors to assess the future trajectory of Toncoin's price.
October 2024, Cryptoniteuae