Toncoin's Open Interest Surges 67% Amid Durov's Departure from France

Toncoin's Open Interest (OI) experienced a significant surge of 67% within the past 24 hours, coinciding with reports that Pavel Durov, the founder of Telegram, had left France. Durov had been required to remain in the country since his arrest seven months prior. This development has sparked considerable speculation about the potential impact on the Toncoin ecosystem.

Toncoin (TON) serves as the native cryptocurrency of The Open Network, which supports Telegram’s Mini App ecosystem. The token's price also responded positively, gaining 17% within the same period to trade at $3.45. This rally has drawn the attention of market analysts, with some suggesting that TON is entering a long-term accumulation phase near key support levels. However, concerns remain over potential volatility, as a dip back to the $3 mark could result in the liquidation of nearly $18.8 million in long positions.

Durov’s reported relocation to Dubai, a jurisdiction with no extradition agreements with several countries, has sparked discussions about regulatory scrutiny in the crypto space. His arrest in France in August 2024 raised concerns about increased enforcement against privacy-focused platforms, with authorities alleging that Telegram facilitated illicit transactions. Historical data suggests a pattern of market reaction linked to Durov’s legal troubles. Following his arrest on August 24, 2024, Toncoin’s OI surged by 32%, though its price dropped by almost 12%.

Meanwhile, Telegram has recently tightened its blockchain strategy. In January, the company announced it would discontinue support for all blockchains except The Open Network, reinforcing its commitment to the TON ecosystem. This move underscores Telegram’s dedication to its blockchain initiatives and its belief in the potential of the TON ecosystem. The platform has also introduced new features, such as the ability to upgrade digital gifts into non-fungible tokens (NFTs), enabling trading and ownership on blockchain platforms. This transformation allows users to customize and exchange unique collectible items, further integrating blockchain technology into the Telegram experience.