Pavel Durov, CEO of Telegram, has been released from police custody and transferred to a Paris court. He faces an initial inquiry and possible charges. Following this news, Toncoin (TON) skyrocketed by 12.5%, jumping from $5.30 to $5.98 in less than an hour.
Why Was Telegram’s CEO Arrested?
On August 24, 2024, authorities arrested Pavel Durov at Paris’s Bourget Airport. They charged him with spreading child pornography, drug trafficking, money laundering, and other serious offenses. This arrest triggered a sharp sell-off of TON tokens, causing the price to plummet by over 25%.
TON Price Rallies Amid Durov’s Release
After Durov’s release, Toncoin (TON) rebounded significantly. The token is currently trading near the $5.65 mark, showing a 3.54% increase. In addition, its trading volume soared by 34% following the news. The arrest and subsequent release of Durov have highlighted his significant influence on Toncoin and related tokens.
Rising Open Interest Signals Growing Investor Interest
As Toncoin’s price surged, its open interest also climbed by 7% in the last four hours. This indicates a growing interest from traders and investors, likely spurred by Durov’s recent release. The market is watching closely, anticipating further developments in Durov’s legal situation.
Expert Suggests a Buying Opportunity
During Asian trading hours, a prominent crypto expert took to X (formerly Twitter) to discuss Toncoin’s price. The expert noted that TON is currently in a reaccumulation zone, moving between the 200 EMA and 365 EMA levels. They suggested that Durov was aware of the arrest warrant in France and likely prepared for it before entering the country. The expert believes Durov’s release will further stabilize Toncoin’s price, making $4.70 and $5.70 ideal buying zones. They hinted that TON could potentially soar by 3x to 5x in the coming days.
What’s Next for Toncoin?
Investors and traders are now eyeing Toncoin closely. The market awaits further developments in Pavel Durov’s case, which could impact Toncoin’s future. As open interest and trading volume rise, many are preparing for possible price surges. The situation remains fluid, but for now, Toncoin shows resilience and potential for growth.
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