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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.
$TON plummets despite Telegram announcement">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.