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The TON blockchain ecosystem has experienced a significant downturn. Its largest tokens by market capitalization have fallen sharply. Declines range from 30% to 50% from all-time highs. This drop comes shortly after several tokens were listed on major exchanges. Dogs (DOGS), Hamster Kombat (HMSTR), and Catizen (CATI) are among the affected, even Toncoin (TON) has seen an 8% decrease in a week. Market capitalization for TON ecosystem tokens continues to shrink. Trading volumes have fallen by over 27% to $675 million, and Binance data suggests traders are selling these once-popular tokens. DOGS has plummeted 58% since its August 26 listing. It now trades at $0.0006599. The token had no vesting period, allowing immediate trading post-airdrop. In response, the DOGS team announced plans for a token burn. This move aims to reduce supply and potentially increase value, and token holders will vote on the number of unclaimed coins to burn. Hamster Kombat's HMSTR token has lost 50% of its value since launching on September 26. Initial excitement quickly turned bearish. The token price briefly reached $0.014 on some exchanges before rapidly declining. Users complained about unfair reward distribution and rule changes. Many found their rewards worth only a few dollars and some even struggled to sell due to exchange restrictions on small orders. Despite the price drop, HMSTR futures open interest remains stable. Coinglass data shows it holding at $60 million since early October. Catizen's CATI token has fallen 50% since September 20. The project faced criticism for changing token distribution rules. Initially, 43% of CATI was meant for players, but this was reduced to 30% before distribution. Players also discovered that in-game spending heavily influenced token allocation. This favored those who invested money over time. Many high-ranking players received fewer tokens than expected. The hashtag #catizenscam gained traction on social media. Users shared stories of disappointment with the project's execution. Airdrops, once a popular user acquisition strategy, may be losing effectiveness. KeyRock analysts studied 62 airdrops across six blockchains in 2024. They found 88.7% of tokens showed significant price declines within 90 days. Small airdrops showed more short-term resilience. This may be due to lower selling pressure at launch, however, most tokens still declined over three months. CryptoQuant analyst Maartunn told crypto.news that new TON ecosystem tokens often follow a hype cycle. "Initially, short-term expectations tend to be excessively high, while long-term expectations are often underestimated," he said. Maartunn noted that while Hamster Kombat is currently popular, many meme coins will likely fail. Only those with strong fundamentals and network effects may survive long-term. The TON ecosystem's recent struggles highlight the volatile nature of new crypto projects. As the market matures, investors may become more discerning about long-term value propositions.

The Open Network (TON) has emerged as a dominant force in the Layer 1 blockchain space. Data from CryptoQuant reveals that TON captured over 50% of all Layer 1 transactions in September. This performance surpasses competitors such as Ethereum and Avalanche. TON's success is largely attributed to several token launches. DOGS, a pioneer project on the network, attracted 28 million monthly active users (MAU). Catizen and Rocky Rabbit each garnered 18 million MAU. Watbird and Hamster Kombat further bolstered TON's growth, with 12 million and 110 million MAU respectively. However, the CryptoQuant analysis excluded Solana, BNB Chain, and NEAR Protocol. Artemis data, which includes these chains, paints a different picture. Solana maintains its lead in transaction count and daily active wallets. As of September 30, Solana processed over 1.1 billion transactions for the month. It also boasted 3.9 million daily active addresses. TON, while performing well, has been overtaken by Solana in both categories. TON reached 212.5 million transactions in September, securing second place in transaction volume. In terms of daily active wallets, TON fell behind both Solana and NEAR Protocol, with 2.1 million daily active addresses. Bitget, a major investor in the Open Network Foundation, has made bullish predictions for TON. Their September report outlines a potential "de-Telegramization" of the TON ecosystem. This shift is seen as a response to increasing regulatory scrutiny of Telegram. The arrest of Telegram CEO Pavel Durov on August 25 significantly impacted TON. The TON token price dropped 17.6% in the week following the arrest. TON's total value locked (TVL) also saw a sharp decline, with a single-day drop exceeding 60%. As of September 30, TON's TVL stands at approximately $427 million. This represents a 45% decrease from its July 2024 peak of $776 million. Despite these challenges, Toncoin, TON's native cryptocurrency, has shown resilience. It has achieved a 149% return since the beginning of the year, the price rose from $2.27 on January 1 to $5.82 at the time of writing. In contrast, Bitcoin experienced a more modest 51% increase during the same period. It rose from $43,835 on January 1, 2024, to $64,029 at the time of writing. Bitget predicts that Toncoin will outperform Bitcoin's spot returns in a bullish market. The report also anticipates increased institutional interest in TON, with many institutions favoring over-the-counter purchases.

The Open Network (TON) blockchain has set a new record. Over 17 million users claimed its dog-themed cryptocurrency, Dogs (DOGS). This makes it the largest meme token launch in crypto history. Despite Pavel Durov's recent legal hurdles in France and the overall buzz around Telegram, TON keeps developing. TON developers announced the milestone on Telegram. The blockchain, originally created by Telegram in 2018, is now run by independent developers. The numbers are staggering. Daily active users hit 1.1 million several times in two weeks. Single-day transactions peaked at 14.4 million. "DOGS token is now held by 4.5 million unique wallets on TON," the developers said. This puts it in a unique position as it has the most unique token holders on any chain ever, achieved in just two weeks. Only USDT on TRON and Ethereum have more holders than DOGS. That's pretty wild for a meme token. The token's inspiration? Pavel Durov's iconic dog drawing. Talk about a ruff start to a crypto project. Here's the kicker: 53 million users engaged with the DOGS Mini App. Of those, 42.2 million were eligible for the airdrop. And 17 million actually claimed their free tokens. But TON isn't stopping there. They're gearing up for even bigger launches. Catizen (CATI) and Hamster Kombat (HMSTR) are next on the list. "In September, we anticipate even larger TGEs," the team said. They're talking tens or even hundreds of millions of new users. That's no small potatoes in the crypto world. Of course, it's not all smooth sailing. The network will face "technical pressures and possibly some unforeseen issues," the developers admitted. But they're committed to tackling these challenges head-on. At the time of writing, Dogs is trading for $0.001047. It's up 2.6% in the last 24 hours, with a market cap of $541,450,195. Not too shabby for a pup.

The crypto market took a nosedive. But Toncoin (TON) managed to keep its head above water. The TON blockchain restarted after a five-hour outage. It had been down due to the popularity of the DOGS airdrop. This airdrop was part of a campaign to support Pavel Durov. Durov's arrest sent shockwaves through the crypto world. The Telegram founder was nabbed by Russian authorities last week. They accused him of "undermining national security" through his messaging app. It's a charge that could see him behind bars for up to 20 years. The crypto market's reaction was swift and brutal. Investors panicked, fearing increased government crackdowns on digital assets. TON, closely associated with Telegram, initially took a hit. But it's showing surprising resilience. Some speculate it's due to a "Streisand effect" - the arrest inadvertently boosting interest in TON. TON's losses were less than 1%. Meanwhile, the broader market tanked. The CoinDesk 20 index plummeted over 6.5%. Bitcoin led the market slide. It dropped 6%. This triggered a massive $300 million in crypto futures liquidations. It's the highest since August 5. Other major coins followed suit. Ether, Solana, Cardano, and Dogecoin all fell more than 5%. XRP showed some resilience, dropping only 3.4%. Ether futures saw the biggest hit. They racked up $102 million in liquidations. Bitcoin wasn't far behind at $96 million. The dump coincided with outflows from U.S.-listed bitcoin ETFs. They saw over $127 million walk out the door on Tuesday. This ended an eight-day inflow streak. Augustine Fan from SOFA chimed in. "Traders scrambled to buy downside protection," she said. "The underlying momentum remains poor." AI tokens, which had been riding high on Nvidia hype, also took a beating. NEAR dropped 10%, while ICP fell 6.5%. Katie Stockton from Fairlead Strategies weighed in. "Sentiment around AI has definitely shifted," she noted. She expects increased volatility ahead. On a brighter note, Hong Kong's Hex Trust launched a staking partner program. It's a sign that institutional interest in crypto isn't dead yet.

Trust Wallet, a major player in self-custody Web3 wallets, has inked a deal with The Open Network (TON). The partnership aims to boost blockchain adoption. It's a big move. The collaboration taps into Telegram's massive user base. Trust Wallet plans to focus on gaming finance (GameFi) and decentralized applications (DApps). It's a smart play. Trust Wallet's 100 million users will now be able to send and receive Toncoin (TON) tokens. That's according to a press release shared with Cointelegraph. It's a game-changer for TON. Nate Zou, Trust Wallet's head of product, spoke to Cointelegraph. He said the company plans to "provide more access to [the] Ton ecosystem" for users. Single chain and cross-chain swaps are on the cards. TON NFTs might also get support. The integration promises smoother interactions with TON's blockchain tech. TonKeeper wallet imports into Trust Wallet are coming "in the coming weeks". That's pretty soon. More features are in the pipeline. TON Connect and TON DApps integration is planned "in the coming months". Users are in for a treat. Zou called the partnership a "natural progression" for Trust Wallet. He said their values align with TON's "community-driven and user-friendly approach". It's a match made in Web3 heaven. Trust Wallet recently launched an open-source solution called Barz. It's an ERC-4337-compatible smart wallet. The aim? To help devs overcome wallet challenges and boost Web3 adoption. Luis Ocegueda, Trust Wallet's engineering head, praised open-source development. He said it allows developers to "do things that we may or may never had even an idea that can do". It's all about innovation. In other wallet news, Ledger unveiled a new touchscreen wallet. CEO Pascal Gauthier outlined three key aspects of wallet security. He claims their new wallet ticks "all three boxes". It's a bold statement in the competitive wallet market.