7 hours ago
7
The price performance of crypto TON in the last seven days is by far the best among the top 100.
Why?
The reasons are twofold: the good news received regarding Telegram, and the sharp rebound after months of suffering.
The rebound of the price of the crypto TON
Among the top one hundred cryptocurrencies by market capitalization, TON is the only one that exceeds 25% gain in the last seven days.
In fact, from the minimum peak of $2.35 last Tuesday to the maximum peak of $3.66 reached last night, the gain was even 55%.
However, seven days ago the price was around $3, and now it is just above $3.4.
After nearing $7.2 at the beginning of December, it had started a long decline that ended precisely on March 11 at $2.35.
This is a loss of 67% in just over three months, even though it followed a gain of 58% from the beginning of November to the beginning of December.
The fact, however, is that before Trump’s electoral victory, its price was not below $4.5, while now it is well under that threshold.
Therefore, although the 55% rebound of the last two days may seem sensational, in reality it has not even been able to bring the price back to the October values. For now, it has only served to interrupt the long phase of decline, without however providing guarantees that another one might not start sooner or later.
The good news for the crypto project TON
Most likely this rebound was in the air.
The decline of the previous months had been so strong and so long that sooner or later a rebound seemed almost inevitable.
What triggered it were the good news regarding the founder and CEO of Telegram, Pavel Durov.
Durov had been arrested in France in August of last year. The French authorities accused him of not helping them combat crime on Telegram, particularly because the company refused to provide them with information on criminals using the famous messaging app.
To tell the truth, a few days after his arrest he was released, but with the obligation to remain in France. It should be noted that Durov, who is Russian, also has French and United Arab Emirates citizenship.
The news that came out on Saturday is that France has returned his passport and has removed the travel ban, so much so that Durov has already returned to Dubai, where the company is based.
As soon as the news spread, the price of TON skyrocketed from $2.9 to $3.5 in a few hours, but the bull rebound effectively stopped there.
“`htmlTON and Telegram
“`Officially, TON (The Open Network) and its native cryptocurrency Toncoin are independent from Telegram.
However, in fact, the fate of TON is closely tied to that of the company.
In fact, for example, Telegram some time ago decided to support only the TON blockchain on its platform, excluding all others including those of Ethereum, Solana, and Bitcoin.
The TON project indeed arises from the ashes of the Telegram Open Network project, and from those of the cryptocurrency Gram, whose ICO was blocked by the SEC in 2020.
The official Telegram ICO was launched in 2018 precisely to develop TON (Telegram Open Network), and between 2019 and 2020 it was halted by the American SEC, causing that project to fail. The challenge was taken up by an independent and decentralized project also called TON (The Open Network), but in close contact with Telegram.
The reactions of the community to the good news about Pavel Durov
The Telegram community and that of TON reacted very well to the news of Durov’s complete liberation.
For example, the TON Society published a post on its official Telegram channel in which it praises Durov’s activity in favor of freedom of speech and transparency, even when it is politically and personally damaging.
Several other posts of true celebration have also been published on other Telegram channels linked to the TON ecosystem, also because Durov’s arrest may have played an important role in not allowing Toncoin during the last bullrun to surpass the all-time high of $8.2 recorded in June of last year.
However, the most interesting reaction is that of the open interest on Toncoin, which has risen by 67%.
The Open Interest (OI) is the number of derivative contracts not yet closed, including futures and options. Therefore, it measures the interest of the derivatives market in relation to an asset.
Although the variations of the OI do not provide indications on the price movement, they clearly indicate a strengthening or weakening of trading activity. In this case, the trading of derivatives on TON has significantly increased in just two days.
English (US) ·