Toncoin (TON) Price Plummets Despite Major Tether Announcement

Shortly after Pavel Durov finished his speech at TOKEN2049 in Dubai, Toncoin (TON), a core cryptocurrency of Telegram messenger, ended its spectacular seven-week rally.

Toncoin (TON) loses 12% in minutes: Dissapointment?

Toncoin (TON), a Telegram-associated altcoin, suddenly drops from $7.2 to $6.3 on major spot exchanges in no time. As such, the overhyped altcoin ended its triple-digit rally and lost 12.5% of its value in less than 30 minutes.

This drop erased $1.14 million in TON/USDT long positions on futures trading platforms. Since the start of its rally in late February, TON's price added 141%.

The cryptocurrency plummeted despite a major announcement from Telegram founder Pavel Durov. It shared plans to reintroduce Telegram stickers and emojis and NFTs and enable a tip-sending feature, all on top of TON blockchain.

Also, Tether's Paolo Ardoino announced the release of U.S. Dollar Tether (USDT), the world's largest stablecoin on TON rails.

Prior to the TOKEN2049 announcement, Pavel Durov published his very rare interview with Tucker Carlson, conservative American political commentator. However, the Hotly anticipated speech appeared to be a "buy the rumor - sell the news" event.

Tether's USDT debuts on TON, more stablecoins to come

Per the "Transparency" tracker of Tether Limited, U.S. Dollar Tether (USDT) on TON will be issued with $10,000,000 initial capitalization.

To provide context, it will be equal to less than 0.01% of Tether's aggregated USDT market cap, which is heading toward another record at $110 billion.

Also, besides the USDT debut, the Tether Transparency page demonstrates its intent to release XAUT, EURT, CNHT and MXNT stablecoins on TON.