The price of the Toncoin (TON) cryptocurrency has seen a edged decline following reports of the arrest of Telegram CEO Pavel Durov. Toncoin was one of the best-performing digital assets in 2024, but the altcoin has been going through a rather turbulent period over the past two months.
Toncoin responds to Telegram CEO arrest
According to a French source TF1 TV on Saturday, Telegram founder and CEO Pavel Durov was arrested at Le Bourget airport in France after getting off his private jet.
Durov, a 39-year-old Russian-born Emirati, was reportedly detained over a “lack of control” over Telegram, which French authorities say has encouraged criminal activity on the messaging app. The arrest has so far drawn much criticism from the tech community, including many cryptocurrency users who have described the move as an attempt by the French government to enforce censorship on the free social media platform.
It is worth noting that Toncoin, the native token of The Open Network (TON) and a cryptocurrency integrated with the Telegram app, saw its market price drop by 15.67% following reports of Durov’s arrest.
The toncoin, which was originally set to launch by Telegram before US regulators intervened, plays various key roles in the messaging app, compensating developers, buying ads, and even acquiring a premium subscription. As such, the bearish sentiment generated by the Telegram CEO’s arrest has pushed TON’s market price down to just $5.52, a price level last seen in early August. Nevertheless, the altcoin seems to be finding some stability as it is gently moving higher towards the $5.70 zone.
As mentioned earlier, TON is one of the most profitable assets in 2024, so this price drop may not attract much interest from long-term investors.
According to data from CoinMarketCap, TON gained over 240% in the first six months of 2024, reaching a record high of $8.24 and also ranking in the top ten cryptocurrencies by market capitalization. While the altcoin did not show similar levels of growth in Q3 2024, the steady augment in on-chain metrics such as lively users on the network indicates increased interest, which could significantly drive prices higher.
TON Network Calls for Calm in Wake of Durov’s Arrest
Commenting on the sudden arrest of Pavel Durov, the board of The Open Network assured all blockchain users remain functional, while reaffirming support for the beleaguered Telegram CEO. With the online protest already underway on the social media platform X, TON management also called for a placid and united approach to engaging the authorities and resolving the matter.
At the time of writing, TON was trading at $5.72, marking a whopping 504.56% augment in daily trading volume. TON is ranked 9th on the list of largest cryptocurrencies with a market capitalization of $1.57 billion.
Related Reading: Crypto Analyst Says Telegram-Based Notcoin Is Ready to Fly, Here’s How High It’s Going
