Toncoin Hits $13.96B Market Cap Amid Durov Controversy

September 02, 2024 04:04 PM AEST | By Team Kalkine Media

Google News:

Toncoin Hits $13.96B Market Cap Amid Durov Controversy — Image source: shutterstock

Recent News

Avoiding Grid Outages With Network Digital Twins

AppLovin would be more valuable without its 1P games, Morgan Stanley a...

Morgan Stanley downgrades Lululemon on weak US growth outlook

Canada to hit NATO defense target early - The Globe and Mail

Toncoin has achieved a significant milestone by surpassing 1.1 million daily active users (DAUs) and reaching a market capitalization of $13.96 billion within The Open Network (TON) ecosystem. This notable achievement was reported by IntoTheBlock (ITB) and was confirmed on May 13. As of August 26, Toncoin holds the highest market capitalization in the TON ecosystem.

This accomplishment occurred shortly before a major event involving Telegram CEO Pavel Durov. Durov was arrested on August 23 after arriving at Le Bourget airport near Paris. The arrest has introduced a degree of uncertainty into the market surrounding {Toncoin} (TON) .

Data from ITB indicates that two tokens within the TON ecosystem, Gomining and Ston, have experienced high levels of whale concentration, with approximately 98% of these tokens held by large stakeholders. This concentration, recorded as of August 19, underscores significant backing for the ecosystem but also highlights potential volatility risks due to the influence of these large holders.

The news of Durov's arrest led to a sharp decline in Toncoin’s price. On August 25, the price fell by approximately 25%, reaching $5.24. Despite this sudden drop and subsequent market fluctuations, technical and market indicators suggest that Toncoin may be positioned for a rebound.

In response to the incident, French President Emmanuel Macron addressed the situation on August 29 during a diplomatic visit to Serbia. Macron clarified that he had not invited Durov to France and was unaware of his trip. He emphasized that Durov’s case would be handled independently by the French justice system. Durov is currently out on bail, with the condition of checking in with law enforcement weekly while remaining in France.

This series of events has cast a spotlight on the Toncoin ecosystem, reflecting both its recent successes and the impact of external factors on its market dynamics.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.