TAC (TON Application Chain) Protocol has just dropped more than 90% in just 15 minutes. At press time, the token was trading at $0.0046 after falling from $0.06.
Source: TradingView
Launched almost a year ago, the TAC protocol is an EVM-compatible Layer 1 blockchain itself bridges Ethereum DeFi to telegraph messenger and TON (The Open Network) ecosystem. Its backers include TON Ventures, Hack VC, Animoca Ventures, Symbolic Capital, and Spartan Group. The token was also listed on Binance Alpha, which supports spot trading, and on Binance Futures as a TAC/USDT permanent contract with a 50x increase.
90% TAC token flash damage explained
As for today’s free fall, market analysts say it’s a sudden collapse of the market machine rather than a security breach.
Since TAC is a newly listed brand, its businesses are facing the problem of low book value. This means that even a few large orders can cause price fluctuations.
As DEX Screener shows, several early airdrop recipients lost the token in the market today. This led to sudden shutdowns and reduced long-term occupancy, which increased the rate of decline.
Source: Image of DEX
However, even with today’s sale, the TAC team was already in a bad mood following the May 12 scam that cost $2.8 million from TON-Ethereum locked in the TAC Protocol.
At that time, the amount was very important, as it was almost equal to the Total Value Locked (TVL). While the TAC team managed to recover 90% of the money through negotiations with the hacker, it left investors’ confidence in the project’s security in turmoil.
TAC group is the term crypto community
At the time of publication, TAC Protocol had not commented on the incident. Crypto Twitter, meanwhile, announced that the event was the reason for the slow decline of cryptocurrencies.
Others have learned from it: respect the amount of money on new lists, and airdrops can kill the charts in a short period of time.
Was this post helpful?
Story Ends Here
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our team of expert researchers and journalists, following strict Editorial guidelines based on EEAT (Effectiveness, Expertise, Validity, Trustworthiness). Each article is checked against the standard to ensure accuracy, transparency, and reliability. Our review process ensures an unbiased review when we develop exchanges, platforms, or tools. We strive to provide timely updates on all aspects of crypto & blockchain, from startups to industry executives.
Investment Disclaimer:
All opinions and information shared represent the author’s opinion on market conditions. Please do your own research before making any financial decisions. Neither the author nor the publisher is responsible for your financial decisions.
Offers and Promotions:
Sponsored content and affiliate links can be viewed on our website. Advertisements are clearly identifiable, and our content is not independent of our advertisers.
Read the Next Article
