David Edwards
Following news of Telegram founder Pavel Durov’s departure from France, Toncoin’s open interest (OI) has increased 67% in the last day to $169 million. According to reports, Durov, who had been ordered to stay in the nation for the previous seven months following his arrest, was given permission to visit Dubai, a country that has no extradition arrangements with many other nations.
Open Interest in Ton Reaches Its Highest Level in Forty-two Days
CoinGlass data indicates that Toncoin’s OI hit its highest level since February 1 at $171.49 million. The foundation of Telegram’s Mini App ecosystem is the TON token, which is The Open Network’s (TON) native cryptocurrency.
According to CoinMarketCap, Toncoin’s price has also increased by 17% over the last day, standing at $3.45 at the time of writing. According to market analysts like Crypto Billion, Toncoin might be about to enter a long-term accumulation phase as it consolidates close to important support levels.
But there is still a chance of a possible pullback. Approximately $18.8 million in long positions may have to liquidate if TON’s surge stalls and its price drops back to the $3 level it was trading at on March 14.
The Market’s Response to Durov’s Legal Predicament
Toncoin’s market activity seems to have been significantly impacted by Durov’s legal struggle. Toncoin’s OI increased 32% in a single day following his initial arrest in August 2024, despite an almost 12% decline in price.
His incarceration sparked worries about a wider crackdown on privacy-focused businesses, with some analysts speculating that TON and related platforms may come under more regulatory scrutiny.
Further solidifying TON’s place in its ecosystem, Telegram declared earlier this year that it would stop supporting all blockchains other than The Open Network.
Investors and traders will be keenly monitoring Toncoin’s price movement and open interest levels as the crisis unfolds in order to spot any new market cues.
