Toncoin Open Curiosity (OI) has jumped 67% over the previous 24 hours amid studies of Telegram founder Pavel Durov’s departure from France, the place he had been required to remain since his arrest seven months in the past.
On March 15, Toncoin (TON) OI — a metric monitoring the whole variety of unsettled Toncoin spinoff contracts comparable to choices and futures — reached $169 million, representing a 67% enhance from the day before today when the studies of Durov’s departure first surfaced, in accordance to CoinGlass information.
Toncoin open curiosity reaches highest degree in 42 days
It’s the highest degree of OI in Toncoin since Feb. 1, when it was sitting at $171.49 million.
TON is The Open Community’s native cryptocurrency and is the unique blockchain infrastructure for Telegram’s Mini App ecosystem.
Toncoin open curiosity surged 67% on March 15. Supply: CoinGlass
TON’s value jumped 17% over the identical 24-hour interval, buying and selling at $3.45 on the time of publication, in accordance to CoinMarketCap information.
Buying and selling useful resource account Crypto Billion stated in a March 15 X submit that Toncoin is “displaying indicators of a possible long-term accumulation section because it stabilizes close to key assist ranges.”
Nonetheless, if this rally is short-lived, round $18.8 million in lengthy positions may very well be liquidated if TON’s value falls again towards the $3 degree it was buying and selling at on March 14.
Toncoin open curiosity additionally surged after arrest in 2024
The courtroom reportedly allowed Durov to journey to Dubai, a metropolis with no extradition agreements with many international locations.
The market’s response hints on the potential significance of this case for the crypto business. Many are nervous that Durov’s arrest in August 2024 in France may set a precedent for cracking down on different privacy-focused companies. He was accused of operating a platform that permits illicit transactions.
Associated: Bitget predicts TON ‘de-Telegramization’ within the subsequent 2 12 months
Equally, when Durov was arrested in August 2024, TON’s OI additionally surged.
Following the information of Durov’s arrest on Aug. 24, 2024, TON’s OI spiked 32% over the next 24 hours, alongside its value falling virtually 12%.
On Jan. 21, Telegram introduced it could stop assist for all blockchains different than The Open Community for its messenger companies.
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