The TON token surged to 1.1 million daily users on May 13th and led the TON ecosystem in market cap as of August 26th.
This remarkable rise, however, was accompanied by turbulence in the market, particularly following the arrest of Telegram CEO Pavel Durov.
Toncoin Reaches $13B Market Cap Despite Market Turbulence
Durov’s arrest occurred on August 23rd, shortly after his plane landed at Le Bourget airport near Paris. This high-profile event introduced uncertainty into the market, with Toncoin experiencing notable fluctuations in value.
According to data from IntoTheBlock (ITB), the price of Toncoin plummeted by 25% to $5.24 on August 25th, just two days after Durov’s arrest. This sharp decline underscores the impact that major news events involving key figures can have on cryptocurrency markets.
Source: Coingecko
Before the arrest, the Toncoin ecosystem had demonstrated a solid foundation of support. As of August 19th, ITB data indicated that two tokens within the ecosystem, Gomining, and Ston, were characterized by a high concentration of whale investors, with 98% of the tokens held by large stakeholders.
More About Toncoin
While this whale concentration signifies strong backing for the TON ecosystem, it also presents risks. Large holders, or whales, have the potential to influence market movements significantly, contributing to price volatility.
Source: X
Despite the recent downturn and shifting market sentiment, there are indications that Toncoin might be poised for a rebound. Technical and market analyses suggest that the token could recover from its recent dip. The market’s reaction to significant events such as Durov’s arrest often creates opportunities for recovery, particularly when underlying technology and user engagement remain robust.
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