Nikolas Sargeant
Toncoin's open interest (OI) saw a significant 67% increase over 24 hours, reaching a high of $169 million, coinciding with the news that Telegram founder Pavel Durov has reportedly left France. This surge in OI follows Durov's previous legal entanglements, where he was required to stay in the country after his arrest seven months ago. The rise in OI, a key indicator of unsettled derivative contracts, has raised eyebrows as analysts speculate about the impact of Durov's departure on Toncoin’s market performance.
Durov’s exit has reignited market interest in Toncoin, Telegram’s native cryptocurrency. The token’s price also saw a boost, climbing by 17% in the same period to $3.45. Market watchers suggest that Toncoin may be entering a phase of long-term accumulation, signaling potential future gains. However, there are concerns over potential volatility, with analysts noting that any price dip to $3 could trigger liquidation of long positions worth around $18.8 million.
The Telegram founder’s reported relocation to Dubai has sparked discussions regarding regulatory scrutiny in the crypto space. Durov’s arrest in August 2024 over allegations that Telegram facilitated illicit transactions raised alarms over the platform’s legal exposure. The recent developments have led some to speculate that Durov’s departure could signal a shift in the platform’s blockchain strategy, which has already seen Telegram tighten its focus on The Open Network (TON).
While Toncoin’s price has responded positively, its future remains uncertain. Durov's departure and his ongoing legal troubles could have lasting effects on the TON ecosystem. Despite these concerns, the market is closely watching the developments, with many viewing the surge in Toncoin’s OI as a critical moment for the cryptocurrency’s trajectory.
