TON Price Drops After Telegram CEO’s Arrest, But Experts Still Hopeful
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
The cryptocurrency world is buzzing about Toncoin (TON), the digital coin linked to the Telegram messaging app. TON has been on a rollercoaster ride lately, with its price falling 20% after some big news. But despite this drop, some experts think TON might do better than other cryptocurrencies in the coming month.
On August 24, Pavel Durov, the CEO of Telegram, was arrested. This news shook the crypto world, especially those interested in TON. Since then, TON’s price has fallen to $5.45, a significant 20% drop in just a few days.
However, Ryan Lee, an expert from Bitget Research, told BeinCrypto in an exclusive interview that this drop isn’t as bad as it seems.
He points out that Bitcoin, the biggest cryptocurrency, has also been struggling lately. In fact, TON is doing better than Ethereum, another popular crypto, which has fallen even more in the past month.
TON to Outperform the Market In September
Despite the recent troubles, there are reasons to be hopeful about Toncoin. The TON community, including fans and developers, is sticking together.
There hasn’t been much panic or negative talk on social media. Even with bad news, TON’s price didn’t crash completely, showing it can handle challenges. Compared to other cryptocurrencies, Toncoin is doing about as well as Bitcoin and better than Ethereum recently.
Lee thinks TON could do slightly better than other cryptocurrencies in September if nothing else bad happens. He says TON’s price might go back up to $6.50 or even $7 if things go well. But if the market stays the same, Toncoin might stay between $5 and $6.
Final Word
The current situation with Toncoin shows how quickly things can change in the crypto world. While some experts remain optimistic, it’s important to remember that cryptocurrency prices can be very unpredictable.
The arrest of Telegram’s CEO has clearly had an impact, but TON’s resilience in the face of this news has caught the attention of analysts.
