As a seasoned crypto investor who has navigated through numerous market fluctuations and regulatory hurdles over the years, I can’t help but feel a sense of deja vu with the recent events surrounding Toncoin (TON). The arrest of Telegram CEO Pavel Durov, while troubling on a human level, seems to have sent ripples across the crypto world, causing TON’s price to plunge.
The value of Toncoin (TON) has significantly dropped after news broke about the arrest of Telegram CEO Pavel Durov. Previously, Toncoin had been one of the top-performing cryptocurrencies this year. However, it’s encountered a rough patch over the last two months.
Toncoin Reacts To Telegram CEO’s Detention
Based on reports from French media outlet TF1 TV, I’ve learned that upon disembarking from my private jet at Le Bourget airport in France, I, Pavel Durov, the founder and CEO of Telegram, was taken into custody.
39-year-old Russian-born Emirati citizen Durov is said to be in custody because of concerns about unchecked activity on Telegram, a messaging app that French authorities claim has contributed to the increase of illegal activities. This detention has sparked significant backlash from tech enthusiasts and cryptocurrency users, who view it as an attempt by the French government to impose censorship on a free social media platform.
Significantly, the value of Toncoin, which is associated with The Open Network (TON) and is a cryptocurrency built into the Telegram app, dropped by 15.67% after reports emerged about Durov’s detention.
Initially intended for launch by Telegram but halted due to US regulatory action, Toncoin serves multiple essential functions within the messaging app, such as rewarding developers, purchasing ads, and securing premium subscriptions. Consequently, the bearish sentiment sparked by the Telegram CEO’s arrest led TON‘s market price to plummet to around $5.52 – a level not seen since early August. However, the cryptocurrency seems to have regained some footing as it gradually climbs toward the $5.70 range.
Previously mentioned, TON was among the top profitable assets in 2024, so a current drop in its price might not worry long-term investors due to their confidence in its potential return.
Based on CoinMarketCap statistics, TON experienced an impressive surge of more than 240% within the first six months of 2024, reaching a peak value of $8.24 and landing among the top 10 cryptocurrencies by market capitalization. Although its growth has been less pronounced in Q3 2024, an uptick in on-chain indicators such as active network users suggests a growing interest that may potentially fuel price increases.
TON Network Calls For Calm Amidst Durov Arrest
As a crypto investor involved with The Open Network (TON), I want to reassure all users that despite recent events involving Pavel Durov’s arrest, our blockchain continues to function smoothly. In solidarity with Telegram CEO Pavel Durov, we stand firm in our support during this challenging time.
As I pen this analysis, TON is trading at $5.72, marking a staggering 504.56% surge in daily trading volume. Currently, it stands as the ninth largest cryptocurrency, boasting a market capitalization of $1.57 billion.
Related Reading: Crypto Analyst Says Telegram-Based Notcoin Is Ready To Fly, Here’s How High
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2024-08-25 09:40