Durov is now free on a 5-million-euro bail-bond arrangement.
Toncoin (TON) has the largest market valuation in the TON ecosystem as of Aug. 26.
With a market valuation of $13.96 billion and more than 1.1 million daily active users (DAUs), Toncoin has lately achieved tremendous success inside the TON ecosystem. Toncoin (TON) has the largest market valuation in the TON ecosystem as of Aug. 26, according to statistics from IntoTheBlock (ITB). It reached the DAUs milestone on May 13.
Two days before this, at Le Bourget airport outside of Paris, Telegram CEO Pavel Durov was apprehended. And TON soared to the top of the TON ecosystem’s market value.
Data from the ITB shows that significant stakeholders controlled 98% of the tokens in two Ton ecosystem tokens, Gomining and Ston, indicating a high concentration of whale investors. As of August 19, before Durov’s arrest, this concentration of whales was correct.
Although this shows support for the ecosystem, there is a danger of volatility due to the effect of whales. As huge holdings might drastically affect market movements.
Ongoing Legal Turmoil
Just one day after the news of Durov’s incarceration spread, the price of Toncoin plummeted 25% to $5.24 on August 25. Multiple market and technical indicators showed that TON could be ready for the subsequent comeback, despite the price drop and change in market attitude.
While visiting Serbia on a diplomatic mission, French President Emmanuel Macron denied knowledge of Durov’s travel to France and denied ever inviting him at a news conference on August 29.
After being prosecuted by French prosecutors, Durov is now free on a 5-million-euro bail-bond arrangement. However, he is obligated to stay in France and check in with law authorities on a weekly basis.
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