The cryptocurrency TOWNS has suffered a dramatic 50.79% price collapse, plummeting from $0.088 to $0.035 within a short timeframe. This dive slashed its market capitalization drastically from $163 million to $86.3 million, triggering widespread market concern.
Major holders, commonly known as whales, initiated aggressive selling that intensified downward pressure on the token. Retail investors subsequently accelerated the sell-off, liquidating over 2 billion TOWNS tokens across leading exchanges. Futures data further confirmed bearish sentiment, with open interest dropping from $12.6 million to $10.93 million and a Long/Short Ratio of 0.88 reflecting dominant short positions.
Analysts caution that sustained selling could push TOWNS down to $0.034. Conversely, a resurgence of buyer interest might drive a recovery toward $0.046. This volatility episode highlights crypto markets’ susceptibility to concentrated sell-offs and the outsized influence of large holders on token valuations.