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Home»ADOPTION NEWS»TON Trading Volume Hits All-Time High After Durov’s Arrest, Token Price Plunges 30%
ADOPTION NEWS

TON Trading Volume Hits All-Time High After Durov’s Arrest, Token Price Plunges 30%

By Crypto FlexsSeptember 10, 20242 Mins Read
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TON Trading Volume Hits All-Time High After Durov’s Arrest, Token Price Plunges 30%
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After arrest On August 24, 2024, the activities of Telegram founder Pavel Durov were confirmed by French authorities. ton

+6.26%
The network has grown exponentially, with network transactions and active addresses increasing dramatically.

The TON network’s 7-day moving average (7DMA) of daily transactions has reached a new all-time high. The network hit an all-time high of 8.68 million transactions on August 31, surpassing the previous record of 8.56 million on January 17.

The number has continued to grow throughout the past week, reaching over 10 million transactions on Friday. That number is now up more than 160% since Durov’s arrest.

The 7-day moving average (7DMA) of the number of daily active addresses on the TON network also hit a record high. As of Friday, the TON network had confirmed approximately 701,800 active addresses, a 6% increase over the previous Friday.

However, unlike network activity, the price of the TON token itself did not react well to Pavel’s arrest. TON tokens fell by more than 30% following the incident.

While the overall poor market conditions may have contributed to this downturn, the impact of the arrests cannot be ignored, as the price of TON fell by about 20% in just three hours after the news broke.

This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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