TON's Market Cap Plummets After Circulating Supply Update

TON's Market Cap Plummets After Circulating Supply Update

TON, the cryptocurrency associated with the Telegram Open Network, has experienced a significant drop in market capitalization, falling out of the top ten cryptocurrencies. This sudden shift is attributed to an update in the circulating supply figures, excluding holdings by the TON Billionaire Fund, Telegram, and the Free TON Foundation. As reported by Decrypt, CoinGecko, a widely used crypto market data platform, reflects a substantial decline in TON's market cap following the supply update. TON's market cap is estimated to have decreased by over $7 billion, resulting in its descent from the top ten position previously held by ADA. The official Telegram channel for TON announced the circulating and total supply update on the 30th, noting that the revised figures, effective from 02:00 KST on the 30th, no longer include the aforementioned holdings in the circulating supply calculation. The implications of this update extend beyond the immediate market cap reduction. It remains to be seen how the revised circulating supply will impact the perception of TON among investors and the broader crypto community. As the market adjusts to this news, further fluctuations in TON's value and ranking are likely in the coming days and weeks.