TONIC price has been in a strong bearish trend in the past few months as early enthusiasm about the protocol waned. Tectonic was trading at $0.000000105269, which was much lower than the all-time high of $0.00000190. It has fallen by about 94% from its record high, bringing its total market cap to more than $11 million. Other Cronos tokens like VVS Finance and MM Finance have crashed as well.
Cronos is a leading smart contract platform that was created by Crypto.com. It is a leading platform that makes it possible for developers to build quality applications in all industries like NFTs and DeFi. Cronos is built on top of the Cosmos SDK.
Tectonic is one of the top DeFi apps in the ecosystem. It is a decentralized non-custodial algorithmic-based money market protocol that makes it possible for people to provide liquidity and others to borrow. It is often seen as the Cronos version of Compound, the leading platform in Ethereum’s platform. The coin is complemented by the xTONIC token.
Tectonic is a leading platform, thanks to the lower fees in Cronos and the ease of use for the platform. According to the website, it has a total supply of over $358 million and a total borrow of over $140 million. USDT and USDC are the most popular coins in the ecosystem. Data by DeFi Llama shows that the total value locked in the ecosystem has plunged to about $214 million from an all-time high of more than $566 million.
So, will Tectonic ever recover? TONIC price has been in a steady freefall as it has crashed by more than 94% from the highest level this year. As shown below, the coin has plunged and is close to its all-time low. At the same time, the coin has plunged below all moving averages.
Therefore, with sentiment in the market waning, there is a likelihood that the coin will continue falling in the near term. If this happens, the next key support level to watch will be at $0.00000009.
This post was last modified on Oct 19, 2022, 06:11 BST 06:11