- TON crashed massively after the arrest of Telegram founder Pavel Durov.
- Open curiosity in toncoin is up 80%, suggesting volatility might stay excessive.
- Durov can stay in custody till August 28.
Toncoin (TON), a prime ten cryptocurrency, noticed a major drop in worth following the arrest of Telegram founder Pavel Durov in France. Telegram has been a serious supporter of The Open Community and has collaborated with blockchain on many events.
Even with the help of Tesla CEO Elon Musk, Durov might stay in French custody till August 28, probably leaving Telegram and by extension The Open Community and its native token TON with out clear management. The billionaire was arrested on prices together with cash laundering and refusing to speak with authorities.
In line with information from CoinMarketCap, Toncoin has fallen 5.73% within the final 24 hours and is buying and selling at $5.37 on the time of writing. The altcoin is down 21.77% over the previous week and 17.92% over the previous 30 days, with TON shifting from a low of $4.89 to a excessive of $7.25. Toncoin witnessed its all-time excessive of $8.24 and is buying and selling 34.67% decrease than ATH.
In a publish on X, blockchain evaluation platform CryptoQuant famous that the blockchain, together with the principle and employee chains, is producing blocks usually, indicating that the community is working as ordinary.
Additional, open curiosity jumped from round $200 million to $360 million, an 80% improve, suggesting that the present development might proceed because the market experiences liquidations and investor exits.
The each day chart beneath reveals that the token accumulation has elevated massively and there’s a likelihood of a rebound within the close to future as properly. The slope of the road signifies that there’s a risk of an early reversal.
The Relative Power Index (RSI) of TON token is at 37.61, which confirms that the promoting stress of the altcoin is kind of excessive and the gradient of the road means that greater costs are potential.
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