- Toncoin Open Interest surged 67% to $169 million in 24 hours following news of Pavel Durov’s departure from France.
- TON price jumped 17% during the same period, trading at $3.45, marking the highest OI level in 42 days.
- Similar market reaction occurred in August 2024 when Durov was initially arrested, with OI spiking 32% and price dropping 12%.
Toncoin’s Open Interest has experienced a dramatic 67% surge in the past 24 hours, reaching $169 million amid reports that Telegram founder Pavel Durov has been permitted to leave France after being confined there since his arrest seven months ago.
The significant jump in Toncoin (TON) derivatives trading occurred on March 15, when the total value of unsettled futures and options contracts hit levels not seen since February 1, according to data from CoinGlass. This represents the highest Open Interest recorded in the past 42 days, when it previously reached $171.49 million.
Alongside the Open Interest increase, TON’s price climbed 17% during the same 24-hour period, trading at $3.45 at the time of publication, according to CoinMarketCap data.
Market analysts are taking note of the movement. Crypto resource account Crypto Billion said on X: “showing signs of a potential long-term accumulation phase as it stabilizes near key support levels.”
However, the rally carries significant risk. Should TON’s price retreat to the $3 level where it traded on March 14, approximately $18.8 million in long positions could face liquidation.
## Historical Context and Recent Developments
TON, which serves as The Open Network’s native cryptocurrency and exclusive blockchain infrastructure for Telegram’s Mini App ecosystem, has previously shown sensitivity to developments surrounding Durov.
Reports indicate French authorities permitted Durov to travel to Dubai, a city notable for its limited extradition agreements with many countries.
This isn’t the first time TON has reacted strongly to Durov-related news. When the Telegram founder was initially arrested in August 2024 in France on accusations of operating a platform facilitating illicit transactions, TON’s Open Interest surged 32% over the following 24 hours while its price simultaneously fell nearly 12%.
The cryptocurrency industry is closely monitoring these developments, with many expressing concern that Durov’s case could establish precedent for regulatory actions against privacy-focused services.
In a significant move earlier this year, on January 21, Telegram announced it would discontinue support for all blockchains except The Open Network for its messenger services, further cementing the relationship between the platform and TON.
Analysts are now watching whether this recent price and Open Interest movement represents a sustainable trend or a temporary reaction to the news of Durov’s changed circumstances.
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