Toncoin Open Interest Soars 70% as Pavel Durov of Telegram Said to Have Left France
Reports of Telegram creator Pavel Durov leaving France coincided with Toncoin's Open Interest (OI) rising by 67% in the previous 24 hours.
Durov had been ordered to stay in the nation after his seven-month detention.
Based on CoinGlass data, Toncoin's OI—a gauge of unsettled derivative contracts including futures and options—rose to $169 million on March 15, the highest level it has seen since February 1, when it was at $171.49 million.
Durov's Departure invites conjecture on the future of Toncoin.
Reports of Durov's leaving spurred rumors about its effect on the Toncoin ecosystem, which drove the surge.
Underlying Telegram's Mini App ecosystem, The Open Network's native cryptocurrency is toncoin (TON).
Based on CoinMarketCap figures, the price of the token also reacted favorably, rising 17% during the same time to trade at $3.45.
With trading resource Crypto Billion suggesting that TON is moving into a long-term accumulation phase close to important support levels, market observers are attentively observing the surge.
Still, one worries about possible volatility. Should the price revert to the $3 barrier, around $18.8 million in long bets might be sold.
Durov's claimed move to Dubai—a territory without extradite agreements with several nations—has spurred debates about crypto space regulation.
With authorities claiming Telegram enabled illegal activities, his arrest in France in August 2024 sparked questions about further enforcement against privacy-oriented networks.
Past data points to a trend of market response connected to Durov's legal problems.
Toncoin's OI jumped by 32% after his August 24, 2024, arrest, while its price fell by roughly 12%.
Telegram have just changed their blockchain approach as well.
To underline its dedication to the TON ecosystem, the firm said in January that it will stop supporting all blockchains save The Open Network.
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