The potential release of Telegram founder Pavel Durov has sparked significant speculation in the Toncoin community, with whales accumulating the asset in anticipation of a possible price surge. This comes after the United Arab Emirates (UAE) formally requested Durov’s release following his arrest in France, which had a notable impact on Toncoin's market performance.
Toncoin Price Hit by Durov’s Arrest
Toncoin experienced a sharp decline on August 24, plummeting by 27% to $5 following the arrest of Telegram’s creator, Pavel Durov, at a French airport. The price drop pushed Toncoin out of the top 10 cryptocurrencies by market cap, leaving it in a close race for the 11th position with Cardano, which is approaching the $1 mark.
Despite this setback, Toncoin whales have been actively accumulating large amounts of the asset, indicating that they may be betting on Durov’s release as a potential catalyst for a price rebound.
Impact of Pavel Durov’s Detention on Toncoin
High-profile figures, including billionaire Elon Musk and various politicians, have attempted to secure Durov’s release, though these efforts have yet to succeed. Durov’s detention was recently extended by 96 days, adding further uncertainty to the situation. In response, the UAE, where Durov holds citizenship, has formally demanded his release, urging France to provide him with all necessary consular services. Reports suggest that Durov faces 12 criminal charges.
Following these developments, Toncoin’s price dropped another 7.8% in the last 24 hours, trading at $5.38. However, the ongoing accumulation of TON by whales suggests that large holders are preparing for a potential price surge linked to Durov’s release.
Whale Activity Signals Potential Price Surge
Data from Santiment reveals that whales began buying Toncoin aggressively after the price crash. During the period from August 20 to August 25, whales purchased between $3.29 million and $3.48 million worth of TON, with further significant accumulation occurring on August 26 after the price dip. This buying behavior suggests that whales may have insider knowledge or are betting on a positive outcome for Toncoin’s price.
The surge in whale transactions on August 26 was the largest since June 2, a period that preceded a 32% price increase and a new all-time high for Toncoin. Additionally, the number of daily active addresses (DAA) on the Toncoin network skyrocketed on August 26, signaling increased investor activity—a bullish indicator for Toncoin as high network activity often correlates with increased price volatility during recovery periods.
On the same day, both the 30-day and 365-day Market Value to Realized Value (MVRV) ratios for Toncoin entered oversold territory. Historically, such low MVRV levels have preceded price rebounds, as evidenced by Toncoin hitting an all-time high within 9 to 10 days after a similar MVRV dip in early August.
Other Developments on the Toncoin Network
In addition to whale activity, another factor influencing Toncoin’s outlook is the launch of “Dogs” (DOGS), a new project by Pavel Durov on the Ton blockchain. The DOGS airdrop generated significant attention, leading to a surge in transactions that nearly overwhelmed the network and caused processing delays. This launch, one of the largest on the network since Notcoin, highlights the growing interest in TON-related projects.
The combination of increased whale accumulation, high network activity, and anticipation of Durov’s release suggests a potentially bullish trajectory for Toncoin. If these factors align, Toncoin could be poised for a significant price recovery and possibly reach new all-time highs.
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