TLDR
- Toncoin (TON) surged 17-20% after Telegram founder Pavel Durov was allowed to leave France
- Open interest in TON jumped 67% to $169 million, reaching its highest level in 42 days
- Durov was granted judicial approval to temporarily travel to Dubai following his arrest in August 2024
- TON transactions and unique users increased significantly just before the announcement
- Despite the recent surge, reports indicate 96% of TON holders remain at a loss
Toncoin (TON) has experienced a sharp price increase following reports that Telegram founder Pavel Durov has been allowed to leave France. The price of TON jumped approximately 17-20% in a 24-hour period, trading at $3.45 at the time of reporting.
On March 15, open interest in Toncoin reached $169 million. This represents a 67% increase from the previous day when reports of Durov’s departure first appeared.
Open interest is a metric that tracks the total number of unsettled derivative contracts such as futures and options. The current level is the highest recorded for TON since February 1, when it sat at $171.49 million.
Durov had been required to stay in France since his arrest in August 2024. He was detained at Le Bourget Airport near Paris on allegations related to enabling organized crime on the Telegram platform.
After questioning, Durov was released on bail of €5 million ($5.6 million). His release came with strict conditions that prevented him from leaving the country.
According to sources who spoke with AFP (Agence France-Presse), an investigating judge modified these supervision conditions. Durov left for Dubai on March 16 and is now permitted to stay outside France for “several weeks.”
Dubai is a city with no extradition agreements with many countries. Durov holds Russian, French, and UAE passports, giving him multiple citizenship options.
Telegram has not issued an official statement regarding Durov’s travel or the ongoing legal situation. The company has maintained a low profile throughout the legal proceedings.
The TON Foundation expressed support for Durov in a statement. They emphasized Telegram’s role as “a global movement committed to the freedom of communication and the right to privacy.”
Market data shows a surge in TON transaction activity. Dune Analytics reports a sharp increase in daily transactions, with a major spike occurring on March 13, just before the announcement of Durov’s departure.
Both on-chain and off-chain transactions increased. This suggests heightened investor interest in the cryptocurrency.
The market has also seen a rise in new unique users. This points to growing adoption of TON, likely influenced by renewed confidence in its ecosystem.
According to Trader Edge on X, Ton could be looking at a push towards $4.60 next.
Despite the current price rally, TON has faced challenges since Durov’s initial arrest. The price dropped over 35% after his detention in August 2024, falling from $6.88 to $4.44 by September.
Recent reports indicate that 96% of TON holders were at a loss at the time of reporting. The token has struggled to maintain momentum despite occasional short-term price surges.
TON is The Open Network’s native cryptocurrency. It serves as the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem.
On January 21, Telegram announced it would stop supporting all blockchains except The Open Network for its messenger services. This move further strengthened the connection between Telegram and TON.
The market reaction shows the potential impact of this case on the crypto industry. Many observers worry that Durov’s legal troubles could set a precedent for actions against other privacy-focused services.
Whether this price increase will be sustained remains uncertain. While short-term speculation has driven recent gains, the long-term stability of TON depends on wider adoption and practical use within the Telegram ecosystem.
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