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The Toncoin price dropped over 1% in the last 24 hours to trade at $5.319 as of 03:34 a.m. EST on trading volume that plunged 26% to $928 million.
This comes as The Open Network (TON) protocol failed to produce a block on Wednesday morning. This is a concern, as a blockchain not producing blocks for an extended period may disrupt network stability, leading to security risks and transaction delays.
A recent airdrop of the DOGS meme coin might have been the cause of the standstill, as it caused a surge in transactions. The network struggled to catch up to meet the increased demand.
Toncoin Price Bearish, Bulls Aim For A Rebound
According to data from GeckoTerminal, the Toncoin price has been on a downtrend in the last four days, as TON traded within a falling channel pattern.
TON still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the current bearish trend.
Moreover, the Relative Strength Index (RSI) trades within the 30-oversold level, showing that the asset is undervalued.
With the token being undervalued, investors may take this as a buying signal, which could propel the price of Toncoin to the upside, as bulls target $6.7.
The Moving Average Convergence Divergence (MACD) supports the bullish trend, as the blue MACD line crossed above the orange signal line to form a bullish crossover.
If bears take control of the price at this level, TON could plunge further back to the $5.0 support.
Meanwhile, as the Toncoin price aims for a rebound, investors are rushing to buy the new PEPE alternative Pepe Unchained (PEPU), as it garners over $10.9 million in its ongoing presale and closes in on the $11 million mark.
99Bitcoins, a prominent crypto channel on YouTube, has reviewed the token and says PEPU is one of the best cryptos to buy now. It adds that it could potentially soar to 100X after its launch.
Pepe Unchained Presale Blasts Past $10.9 Million
Pepe Unchained aims to follow in the footsteps of PEPE, which continues to rule the charts.
However, PEPE is built on the Ethereum blockchain, which is mostly handicapped by network delays and rising gas fees.
Pepe Unchained (PEPU) stands out from other meme coins due to its native layer-2 chain built on top of Ethereum’s network. This move not only liberates it from Ethereum’s limitations but also brings unprecedented speed, scalability, and significantly lower fees.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Hence, two main reasons now draw investors to PEPU: it’s the first layer-2 meme coin and its native chain will make owning a Pepe token much cheaper and faster.
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 184%.
You can buy PEPU tokens for $0.0093477 each. With a price hike coming in less than a day, buy soon to lock in the best deal.
Purchase PEPU from the official website here using ETH, USDT, or a bank card.
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