Will Toncoin Price Plummet Below $5 Due to South Korean Investigation?

Toncoin’s Price Struggles Amid Global Investigations

Toncoin, the cryptocurrency associated with Telegram’s blockchain network, is under increasing pressure as global investigations into the messaging app intensify. The latest scrutiny comes from South Korean authorities, who have launched an inquiry into whether Telegram has been used to facilitate the spread of sexually explicit deepfake content. This investigation has led to heightened concerns over Toncoin’s stability, with many traders speculating that its price could fall below the $5 mark in the near future.

South Korean Authorities Intensify Probe into Telegram

On September 2, South Korean police confirmed they are investigating Telegram’s role in potentially aiding the distribution of illegal deepfake pornography. This probe follows significant public and political backlash over digital sex crimes involving South Korean women.

According to local reports, Telegram chatrooms have been a key platform for disseminating this illicit content. The South Korean Cyber Investigation Bureau has yet to provide official commentary, but the investigation is expected to collaborate with French and other international authorities to address these concerns.

The probe adds to Telegram’s existing legal troubles in the EU, India, and Indonesia. For crypto investors, this situation is quickly evolving into a significant risk event, potentially impacting Toncoin’s market performance.

Toncoin Price Dynamics: Is a Dip Below $5 Imminent?

Toncoin’s market performance has been shaky in recent days. As of the latest data, Toncoin has experienced a 3% decline over the past 24 hours, trading around $5.20. The cryptocurrency has hit a 24-hour low of $5.12 and a high of $5.39. Trading volumes have also decreased by 5%, reflecting waning interest among investors.

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Technical indicators suggest that Toncoin’s price is currently struggling to maintain above critical support levels. The coin has recently fallen below its 50-day, 100-day, and 200-day moving averages, with the $5 psychological support level becoming increasingly crucial. If the price drops below the $5.1 support, further declines could follow. Conversely, a rebound above $5.5 could indicate a potential recovery, though the current trend remains bearish.