Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ALTCOIN NEWS»Durov Incident Drives Toncoin Market Cap to $13.96 Billion
ALTCOIN NEWS

Durov Incident Drives Toncoin Market Cap to $13.96 Billion

By Crypto FlexsSeptember 1, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Durov Incident Drives Toncoin Market Cap to .96 Billion
Share
Facebook Twitter LinkedIn Pinterest Email

Toncoin has recently seen incredible success in The Open Network (TON) ecosystem, surpassing 1.1 million daily active users (DAU) and reaching a market cap of $13.96 billion.

According to IntoTheBlock (ITB) data, Toncoin (TON) hit the DAUs milestone on May 13th and has the highest market cap in the TON ecosystem as of August 26th.

The rise to the top of the market cap rankings in the TON ecosystem came just two days after Telegram CEO Pavel Durov was arrested after landing on a plane at Le Bourget Airport outside Paris.

relevant: Will TONCOIN linked to Telegram recover after Pavel Durov’s arrest?

Whale concentration

According to ITB data, Gomining and Ston, two tokens within the Ton ecosystem, had high concentration of whale investors, with 98% of tokens held by large stakeholders.

This whale concentration was accurate as of August 19, before Durov was arrested.

While this represents a positive boost to the ecosystem, the potential influence of whales poses a volatility risk as large holders can have a significant impact on market movements.

relevant: BREAKING: French President Macron appoints Pavel Durov as first wife of France

Toncoin ahead of panic selling

On August 25, a day after news of Durov’s detention broke, the price of Toncoin plummeted by 25%, closing at $5.24.

Despite the price plunge and the change in market sentiment, several technical and market factors suggest that TON is poised for a subsequent rebound.

relevant: Toncoin Pending Interest Surges 32% After Pavel Durov’s Arrest

Macron issues statement on disaster

French President Emmanuel Macron said in a press conference on August 29, during his diplomatic visit to Serbia, that he had not invited Durov to Serbia and was unaware that he had visited France.

President Macron said he had “no idea” Mr Durov had come to France and reiterated that the case would be handled “by independent action of the French judiciary”.

French prosecutors have indicted Durov, and he is currently free on €5 million bail, but must report to law enforcement every week and remain in France.

magazine: ‘Everything’s about to fall apart’: Peter McCormack announces new podcast