Toncoin’s open interest (OI) has skyrocketed by a whopping 67% in just 24 hours, fueled by the buzz surrounding Telegram founder Pavel Durov’s unexpected departure from France. After being detained for seven months, Durov’s move has sent ripples through the crypto community, sparking a surge in Toncoin derivatives.
On March 15, Toncoin (TON) OI hit an impressive $169 million, marking a significant leap from the previous day. This surge coincides with reports of Durov’s exit from France, as confirmed by CoinGlass data. It’s the highest OI level for Toncoin since February 1, when it reached $171.49 million.
For those not in the know, TON is the native cryptocurrency of The Open Network and serves as the backbone for Telegram’s Mini App ecosystem. This blockchain infrastructure is gaining traction, and the recent developments have only added fuel to the fire.
As Toncoin’s open interest climbed, its price also saw a notable 17% increase, trading at $3.45 according to CoinMarketCap. Crypto enthusiasts are buzzing with excitement, with trading resource account Crypto Billion suggesting that Toncoin might be entering a long-term accumulation phase as it hovers near crucial support levels.
However, caution is advised. If this rally proves short-lived, there’s a risk of liquidating around $18.8 million in long positions if TON’s price dips back to the $3 mark it held on March 14. The market is watching closely, and the stakes are high.
Interestingly, this isn’t the first time Toncoin’s OI has surged due to Durov-related news. Back in August 2024, following Durov’s arrest in France, TON’s OI spiked by 32% within 24 hours, although its price took a hit, dropping nearly 12%.
The court has now reportedly allowed Durov to travel to Dubai, a city known for its lack of extradition agreements with many countries. This move is seen as a potential game-changer for the crypto industry, as Durov’s arrest had raised concerns about a crackdown on privacy-focused services.
In January, Telegram announced it would exclusively support The Open Network for its messenger services, further cementing TON’s role in its ecosystem. As the crypto world watches these developments unfold, the implications for both Toncoin and the broader industry remain significant.
Stay tuned as this story continues to evolve, and keep an eye on Toncoin’s performance in the coming days. The crypto landscape is ever-changing, and this latest twist is just another chapter in the ongoing saga of digital currency innovation.
