Despite the ongoing controversy surrounding Telegram CEO Pavel Durov, Toncoin (TON) recently hit a milestone with a market capitalization of $13.96 billion. In fact, the messaging app's blockchain, The Open Network, continues to thrive, despite the troubled situation of Telegram's founder and his recent arrest in France.
The arrest of Durov last weekend led to a major decline in Toncoin. With the situation still unfolding, there is no certainty about where TON will go. However, it seems to be recovering. TON has recently set major records, which could spur a return to its performance levels in early August.
Toncoin Hits Record Market Cap Milestone Despite Telegram CEO’s Indictment
Toncoin had a tumultuous 2024. The cryptocurrency, associated with the Telegram app, had been on a tear. However, that changed in late August. Specifically, the arrest of the app's CEO, Pavel Durov, caused a sharp drop in its overall value. Now, TON is looking to bounce back.
TON has lost more than 18% of its value over the past 30 days, according to Coingekco. Furthermore, it has dropped more than 17% in just the past seven days to trade at its current price of $5.4. However, there appear to be signs that things are slowly changing.
TON 3-month price chart | Source: Coingecko
Toncoin recently set a new record for market capitalization of $13.96 billion amid the Durov controversy. According to data from IntoTheBlock, the coin also broke its daily active user (DAU) record of 1.1 million, set in May.
When news of Durov’s arrest broke on August 25, the value of the token dropped by 25%. Mass sell-offs dominated the market, sending the asset down to $5.24. However, there are some positive factors in the market that suggest the coin may be preparing for a recovery. That could become more evident as the market cap begins to recover.
The recent milestone has helped the asset firmly establish itself in the top 10 cryptocurrencies. However, there are still some threats waiting in the wings. Tron (TRX) recently surpassed TON in that ranking. Additionally, Cardano (ADA) is also aiming to return to the list, eyeing Toncoin’s current position.
Source: https://tapchibitcoin.io/toncoin-ton-dat-cot-moc-voi-von-hoa-thi-truong-gan-14-ty-usd.html
