Toncoin Price Drops 3% After Legacy Bridge Shutdown

Toncoin's price dropped 3% as its legacy bridge shut down on September 1, affecting users who had transferred their crypto assets through the bridge. The shutdown does not impact the TON chain's network or the coins held in TON wallets, but it eliminates the option to transfer wrapped assets between blockchain networks.

The bridge was used for transferring assets between the TON Mainnet, Ethereum, and BNB Smart Chain blockchain networks. Users who had transferred their crypto assets through the bridge were advised to convert back to TON before the deadline. The shutdown of the legacy bridge is due to the availability of other transfer solutions and the removal of native USDT.

Toncoin's price fell from $1.39 to around $1.34, which is near its support area at $1.30. If buyers return, it may attempt to reach $1.40, but a fall below $1.30 could take it back to the $1.20 range.