CoinMarketCap Admits Glitch After TON Price Shows Massive 93% Drop
Date: 2024-09-04 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
CoinMarketCap has acknowledged price discrepancies after its platform erroneously showed a sharp drop in the market cap of Toncoin (TON) from $13 billion to under $150 million on Tuesday.
"Rest assured that our developers are actively investigating the issue and working to resolve it as quickly as possible," the team wrote in a post on X after users reported the abnormal price drop.
The price of TON on CoinMarketCap initially dropped sharply from $5.5 to $0.30 due to a network glitch. Meanwhile, other aggregators and exchanges continued to operate without issues.
Some users have speculated that the outage may be related to an indexer issue. By 09:05 UTC on Tuesday, TON was trading at around $5.18.
CoinMarketCap data vulnerable to errors due to exchange outages and low liquidity
CoinMarketCap collects data from a variety of exchanges. However, if an exchange provides inaccurate data due to technical errors, manipulation, or low liquidity, this may distort the prices displayed. For example, price inconsistencies can occur when a token is primarily traded on a single exchange with low liquidity or volume.
Alternatively, the issue may originate directly on CoinMarketCap. Errors such as server crashes, software bugs, or inaccuracies in pricing algorithms can also cause outages.
TON Blockchain Faces Two Outages Related to DOGS Token Issuance
Last week, the TON blockchain faced two separate outages within two days. Both interruptions were directly related to the issuance of DOGS tokens, as initially reported by observers and later confirmed by the TON network.
Last month, the price of TON rose 12% after Binance announced that it would list the token for trading.
TON was originally developed by Telegram with the intention of integrating it into the messenger to expand its capabilities. The blockchain recently came into the spotlight after the arrest of Telegram CEO Pavel Durov in Paris by French authorities.
Durov faces serious charges, including complicity in operating a platform for illegal activities, drug trafficking, fraud, and money laundering.
However, TON now operates independently of Telegram.
