TON's price has experienced a significant decline today, primarily due to the overshadowing impact of the recent surge in interest surrounding Donald Trump's official memecoin, which has captured the attention of the crypto market. The memecoin, launched on the Solana blockchain, has seen a meteoric rise, drawing speculative activity and investor interest away from other cryptocurrencies, including TON. This shift in focus has led to a decrease in demand for TON, contributing to its price drop.
The excitement around Trump's memecoin has been further fueled by its rapid listing on major exchanges like Coinbase and Binance, as well as its impressive market performance, which has seen it become the third-largest memecoin by market capitalization. This has created a competitive environment where other cryptocurrencies, such as TON, struggle to maintain investor interest amidst the hype surrounding the new entrant.
TON's current price stands at $5.011929, marking a 5.18% decrease today. The cryptocurrency reached a high of $5.351827 earlier but has since fallen to its lowest point of the day.