Toncoin’s market activity has erupted after a major development—Telegram founder Pavel Durov has reportedly left France.
Following reports of his departure, Toncoin’s Open Interest (OI) skyrocketed 67% in just 24 hours, reaching $169 million—its highest level in over a month. At the same time, TON’s price surged 17%, hitting $3.45.
Coincidence? Maybe. But history suggests otherwise.
Toncoin’s OI—a metric that tracks the total number of unsettled derivative contracts like futures and options—is now at levels last seen on 1 February, when it hit $171.49 million.
Traders are paying attention. Crypto analyst Crypto Billion noted that Toncoin appears to be entering a long-term accumulation phase after stabilizing near key support levels.
However, the surge in OI could also be driven by speculative trading. If this rally fizzles, $18.8 million in long positions could face liquidation if TON falls back to its previous $3 level.
Durov’s movements influence Toncoin’s price action, but this isn’t the first time we’ve seen such a reaction.
Déjà Vu? Toncoin OI Also Jumped After Durov’s Arrest
This isn’t the first time Toncoin’s market dynamics have shifted dramatically in response to Durov’s legal situation.
In August 2024, when Durov was arrested in France, TON’s OI spiked 32% within 24 hours. But unlike the recent price surge, the August arrest triggered a 12% drop in TON’s value.
The pattern is clear—Durov’s legal troubles create volatility for Toncoin.
The latest reports indicate that a French court allowed him to travel to Dubai, a jurisdiction with no extradition agreements with many countries. This raises questions about whether Toncoin’s recent surge is a relief rally or a speculative pump.
Beyond the immediate price action, Durov’s case carries deeper implications for the crypto industry.
His arrest last year raised concerns about a potential crackdown on privacy-focused services, with regulators targeting platforms they believe facilitate illicit transactions. If governments tighten their grip, privacy-centered projects could face increased scrutiny.
Meanwhile, Telegram has made a major strategic pivot. In January, the platform announced it would exclusively support The Open Network (TON), dropping integrations with all other blockchains.
This move could strengthen TON’s long-term positioning—but will it be enough to sustain the hype?
Final Thoughts
Toncoin’s 67% OI surge highlights how deeply connected Durov’s movements are to its market dynamics. Whether this signals genuine investor confidence or short-term speculation remains to be seen.
If the rally holds, Toncoin could cement its status as a major player in the blockchain space. But if it crumbles, it will be another reminder that crypto markets thrive on hype as much as fundamentals.
One thing is certain, traders are watching closely.
