Toncoin Open Interest Soars After Durov's Departure
Toncoin (TON) open interest (OI) experienced a significant surge, jumping 67% in 24 hours following reports of Telegram founder Pavel Durov's departure from France. Durov had been required to remain in France since his arrest six months prior.
Toncoin Open Interest Reaches 42-Day High
On March 15th, Toncoin OI, a metric representing the total value of unsettled derivative contracts, reached $169 million. This marked the highest level since February 1st, when it stood at $171.49 million. The increase coincides with Durov's departure news.
TON, The Open Network's native cryptocurrency, serves as the exclusive blockchain infrastructure for Telegram's Mini App ecosystem. This close relationship with Telegram significantly influences TON's market performance.
Concurrently, TON's price surged 17% during the same period, trading at $3.45 at the time of writing. Crypto Billion noted on X that Toncoin is "showing signs of a potential long-term accumulation phase." However, approximately $18.8 million in long positions are at risk of liquidation if the price retraces to the $3 mark.
Durov's Arrest and Market Impact
The court allowed Durov to travel to Dubai, a city without extradition agreements with many countries. The market's reaction underscores the significance of this case, raising concerns that Durov's August 2024 arrest in France could set a precedent for cracking down on privacy-focused services. He faced accusations of operating a platform facilitating illicit transactions.
Interestingly, a similar surge in TON's OI occurred following Durov's arrest in August 2024. At that time, OI spiked 32% within 24 hours, despite the price falling almost 12%.
On January 21st, Telegram announced it would cease support for all blockchains except The Open Network for its messenger services, further solidifying TON's position.
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