- Toncoin reached a market capitalization of $13.96 billion and surpassed 1.1 million daily active users within The Open Network (TON) ecosystem.
- Telegram CEO Pavel Durov was arrested on August 24 at Le Bourget airport outside Paris, leading to a 25% drop in Toncoin's price.
Toncoin has recently reached a significant milestone within The Open Network (TON) ecosystem, boasting over 1.1 million daily active users (DAUs) and achieving a market capitalization of $13.96 billion. This success, however, has been accompanied by market turbulence following the arrest of Telegram CEO Pavel Durov.
According to data from IntoTheBlock (ITB), Toncoin broke the 1.1 million DAUs milestone on May 13 and held the highest market cap in the TON ecosystem as of August 26. This rise to prominence came just two days after Durov was detained at Le Bourget airport outside Paris.
The Ton ecosystem has seen significant whale concentration, particularly with two tokens, Gomining and Ston, where 98% of tokens were held by large stakeholders as of August 19, before Durov’s arrest. While this concentration suggests strong backing for the ecosystem, it also introduces volatility risks, as large holders could significantly influence market movements.
Following Durov’s detention, Toncoin’s market reacted sharply, with its price dropping 25% to $5.24 on August 25. Despite this decline, multiple technical and market factors indicate that TON could be poised for a rebound.
French President Emmanuel Macron addressed the situation during a press conference on August 29, stating that he was unaware of Durov’s trip to France and that Durov’s case would be handled by the “independent action of the French justice system.” Durov is currently out on a 5 million euro bail-bond agreement but must check in with law enforcement weekly and remain in France.
Edited by Harshajit Sarmah
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Harshajit Sarmah
