.jpg)
The price of cryptocurrency Toncoin (TON) has seen a sharp decline following reports of the arrest of Telegram CEO Pavel Durov. Toncoin has been one of the best performing digital assets in 2024, however, the altcoin has faced a somewhat turbulent period in the past couple of months.
Toncoin Reacts to Telegram CEO Arrest
According to a French source TF1 TV Telegram founder and CEO Pavel Durov was arrested at Le Bourget airport in France on Saturday after getting off his private plane.
Durov, a 39-year-old Emirati of Russian origin, was reportedly arrested over a “lack of control” over Telegram, which French authorities believe has fueled the growth of criminal activity on the messaging app. So far, the arrest has drawn criticism from the tech community, including many crypto users, who have described such a move as an attempt by the French government to censor the free social media platform.
It is worth noting that Toncoin, the native token of The Open Network (TON), Cryptocurrency integrated with Telegram app Aramex shares fell 15.67% in market price following news of Durov’s arrest.
Toncoin, which was initially planned to be launched by Telegram before US regulators intervened, plays various important roles in the messaging app, compensating developers, buying ads, and even earning a premium subscription. Therefore, the bearish sentiment generated by the detention of Telegram’s CEO has led to the TON price falling in the market to $5.52, a price level last seen in early August. However, the altcoin seems to have found some stability as it is gently moving towards the $5.70 area.
As mentioned earlier, TON was one of the most profitable assets in 2024, so this price drop may not attract much concern from long-term investors.
according to Data from CoinMarketCap, TON has surged over 240% in value in the first six months of 2024, hitting an all-time high of $8.24, and is now in the top 10 cryptocurrencies by market cap. While the altcoin has not shown similar growth levels in Q3 2024, steady growth in on-chain metrics such as Active network users This could lead to higher interest rates which could have a significant impact on price growth.
TON Network Calls for Calm Amid Durov Arrest
Commenting on Pavel Durov’s sudden arrest, The Open Network’s management said: certain All blockchain users are still working while emphasizing their support for the embattled Telegram CEO. With an online protest already taking place on the social media platform X, TON management has also called for a calm and united approach to dealing with the authorities and resolving the issue at hand.
At the time of writing, TON is trading at $5.72 with a staggering 504.56% increase in daily trading volume. TON is ranked 9th among the largest cryptocurrencies with a market cap of $1.57 billion.
Related reading: Cryptocurrency Analyst Says Telegram-Based Notcoin Is Ready to Take Off, Here’s How High It’s Going
