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.
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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.
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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.
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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.
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