Toncoin’s open interest (OI) has surged by an impressive 67% in just one day, following reports that Telegram’s founder, Pavel Durov, has departed from France. The Open Network (TON), Telegram’s blockchain ecosystem, depends heavily on the increasing investor interest in the cryptocurrency indicated by the quick rise.
On March 15, Toncoin’s OI reached $169 million, marking its highest level in over a month, according to data from CoinGlass. The spike comes after reports surfaced that Durov, who had been required to remain in France following his arrest seven months ago, has now left the country.
The market responds to the departure of Durov.
The price of Toncoin also saw a notable increase—17% over the same period—to land at $3.45. Analysts propose that these results could point to a long-term accumulation period as traders set themselves up for possible future gains. Still, market volatility causes ongoing worry. Should Toncoin’s price revert to $3, about $18.8 million in long holdings may see liquidation threatened.
This is not the first time that Durov’s legal matters have caused Toncoin’s OI to surge. In August 2024, when the Telegram founder was initially arrested, Toncoin’s OI spiked by 32%, although its price declined by nearly 12% at the time.
Implications for the Crypto Market
Durov’s reported relocation to Dubai—a jurisdiction without extradition agreements with many countries—has raised discussions about regulatory challenges in the cryptocurrency space. His legal troubles in France have fueled concerns that authorities may take stricter action against privacy-focused platforms.
Meanwhile, Telegram continues to strengthen its blockchain strategy. In January, the platform announced it would discontinue support for other blockchains, focusing exclusively on The Open Network. This move further cements Toncoin’s role within Telegram’s expanding ecosystem.
What’s Next for Toncoin?
With the latest surge in open interest and price movement, traders and investors are closely watching whether Toncoin can sustain its upward momentum. While some believe the cryptocurrency is poised for further growth, others caution that the market’s rapid reactions to news events could lead to short-term price swings.
As the situation unfolds, Toncoin remains a key player in the evolving landscape of blockchain technology and digital finance.
