Toncoin's price movement today is largely influenced by a shift in investor sentiment towards new opportunities in the DeFi sector, particularly the emerging PropFi token. Reports indicate that Toncoin investors are exploring this new token due to its promising profit potential, which has led to increased selling pressure on TON. Market researcher Jondoni Crypto noted an 80% uptick in whale activities, suggesting that large-scale investors are cashing out their gains, contributing to the downward pressure on TON's price.
Additionally, the broader crypto market is experiencing volatility, with major cryptocurrencies like Bitcoin facing pressure due to macroeconomic factors. The recent strong U.S. jobs report has led investment banks to reassess their expectations for Federal Reserve rate cuts, which has negatively impacted risk assets, including cryptocurrencies. This macroeconomic backdrop, combined with the shift in investor focus towards new DeFi projects, has contributed to the decline in Toncoin's value.
Toncoin's price has fallen by 4.60% today, reaching a low of $5.058887.