Toncoin Market Capitalization Nears $14 Billion
30 Aug, 2024 ● Coin news
Toncoin has recently experienced significant success within The Open Network (TON) ecosystem, surpassing 1.1 million daily active users (DAUs) and reaching a market capitalization of $13.96 billion.
Data from IntoTheBlock (ITB) shows that Toncoin reached the DAUs milestone on May 13 and held the highest market cap in the TON ecosystem as of August 26.
This achievement of the top market cap position in the TON ecosystem occurred just two days after Telegram CEO Pavel Durov was arrested after his plane landed at Le Bourget airport near Paris.
According to ITB data, two tokens within the TON ecosystem, Gomining and Ston, showed a high concentration of whale investors, with 98% of the tokens being held by large stakeholders.
This concentration of whale investors was recorded as of August 19, prior to Durov’s arrest.
While this indicates strong support for the ecosystem, the influence of whales introduces volatility risks, as large holders could significantly impact market movements.
On August 25, the price of Toncoin dropped sharply by 25% to $5.24, just one day after the news of Durov’s detention became public.
Despite the decline in price and change in market sentiment, several technical and market indicators suggested that TON could be positioned for a rebound.
During a press conference on August 29, while on a diplomatic visit to Serbia, French President Emmanuel Macron stated that he neither invited Durov to France nor was aware of Durov’s visit.
Macron clarified that “[he] was absolutely unaware of Mr. Durov’s coming to France” and emphasized that Durov’s case would be managed by the “independent action of the French justice system.”
French prosecutors have charged Durov, and he is currently free on a 5 million euro bail-bond agreement but must check in with law enforcement weekly and remain in France.
Sources:
https://cointelegraph.com/news/toncoin-market-cap-ton-ecosystem-whale-concentration-pavel-durov
