Toncoin has reached a major milestone: its market value has reached $13.96 billion, and it now has more than 1.1 million daily active users (DAUs) in The Open Network (TON) community. This major rise happened right before Pavel Durov, the CEO of Telegram, was arrested.
On May 13, IntoTheBlock (ITB) data showed that Toncoin hit the DAUs milestone. As of August 26, it had the largest market cap in the TON ecosystem. But Durov’s arrest, which happened soon after his plane arrived at Le Bourget airport near Paris, shook the market’s stability.
Toncoin Recovery Prospects
According to ITB data, two tokens in the Ton ecosystem—GOMINING and STON—are mostly owned by major investors. As of August 19, 98% of these tokens were owned by large stakeholders. This concentration of ownership shows strong support for the ecosystem, but it also raises the risk of market volatility because these major buyers could have an effect on how the market moves.
When word came out that Durov had been arrested, the price of Toncoin dropped sharply by 25%, to $5.24 on August 25. Even though Toncoin is going down, technical and market signs point to a possible recovery.During an official visit to Serbia on August 29, French President Emmanuel Macron talked about the situation.
He said that he didn’t know about Durov’s trip to France and hadn’t invited him. Macron made it clear that Durov’s case would be treated by the French justice system on its own. Durov is free on a bail bond of 5 million euros right now, but he has to check in with police every week while he is in France.
