"Toncoin's Price Rebound Stalls Amid 'Closed Network' Criticism"
1min read Toncoin's price rebound has stalled amid criticism over 'The Closed Network' initiative, with the cryptocurrency trading at $4.88 after brief 24-hour gains. The criticism stems from Telegram and the Open Network's exclusivity agreement, which requires all mini-app developers on the messaging app to connect to TON within a month. Developers have revealed that projects linked with other blockchains that migrate to TON within the timeframe may qualify for grants worth up to $50,000.
Meanwhile, Farm Frens, a popular mini-app, has not bowed to Telegram and TON's requirements, adjusting its roadmap to remove on-chain integration, spin out the game's wallet as a separate application, and relaunch the game with improvements on different platforms. The project has also decided to move some player progress from Telegram to the game's second season.
Toncoin's price outlook remains uncertain, with broad market resilience potentially helping the altcoin sustain its upswing. However, criticism of Telegram and TON blockchain could restrict anticipated rallies. The latest movement of over 240,000 TON tokens to crypto exchanges has increased market volatility and selling pressure, signaling potential downward trends for TON price. Daily token burns have also reduced, with the project burning only 5,044 coins yesterday, down from January 22 peaks of 15,805.
Underperformance from Telegram-based projects such as Hamster Kombat and Notcoin has dwindled interest in Toncoin, contributing to its weakness. Continued bearishness amid the arising backlash could trigger declines to $3.78. However, consistent surges in Toncoin's address count could help offset bearishness and fuel stable uptrends amid broad market rallies. The surged addresses potentially signal increased interest and activity in the Toncoin blockchain, bolstering investor confidence and supporting bullish cases for TON price in the upcoming sessions.
