Toncoin Volatility Follows Telegram CEO’s Release on Bail

The price of Toncoin (TON) has experienced significant fluctuations over the past five days, driven by developments surrounding Telegram's CEO, Pavel Durov.

Azcnews Toncoin Volatility Follows Telegram Ceo's Release On Bail

Large wallet holders have shown considerable skepticism, taking actions that could impact the recovery process.

Toncoin aims to capitalize on positive news Toncoin’s price surged by 10% following the news of Telegram CEO Pavel Durov’s release. Durov had been arrested in France over the weekend and faced multiple charges, including facilitating illegal transactions on the platform.

However, this news has not provided much positive momentum for the token, especially when compared to the panic caused by Durov’s arrest. The intention to sell among TON holders has soared in recent days.

Toncoin Active Deposits
Toncoin Active Deposits

Spikes in active deposit metrics indicate an increase in the movement of TON from investor wallets to exchanges. This trend reflects the skepticism and pessimism among investors, leading to sales, which indeed materialized.

Large wallet holders, also known as crypto whales, were not the first to sell, but they have been the biggest sellers this week. In the past 24 hours alone, addresses holding at least 0.1% of the circulating supply offloaded 123.76 million TON.

This supply, valued at over $684 million, marks the largest sell-off recorded since the beginning of the year. The lack of optimism among TON whales could make it difficult for Toncoin to recover.

Toncoin Whale Netflows
Toncoin Whale Netflows

TON Price Prediction: Recovery May Be Delayed Toncoin’s price has increased by just over 8% in the past 48 hours, with a sharp surge observed yesterday. Currently trading at $5.53, the altcoin is attempting to defend the $5.49 level as support.

This is crucial for TON if it hopes to rebound from the 23% drop it suffered last weekend. However, the factors mentioned earlier could complicate this recovery, potentially keeping the altcoin below the $6.04 resistance level.

On the other hand, if investors turn optimistic due to the news of Durov’s release, demand could rise. This would propel TON beyond the $6.04 threshold, invalidating the bearish-neutral outlook.

(1 vote)

2.0/5

(1 vote)
  1. Avatar of Qaim ul islam Azeemi
    Qaim ul islam Azeemi

    I work any web site sum azc site nice turst I good

Comments are closed.

Latest

Record Number Of Crypto Exchange Users In South Korea

News | Editor Choice | Policy & Regulations

Record Number of Crypto Exchange Users in South Korea

The number of cryptocurrency exchange users in South Korea has surpassed 16 million, with a significant increase following former U.S. President Donald Trump’s election victory last November.

Hyperliquid Nft Growth Slows As Hype Drops 18%

News | Editor Choice | NFT

Hyperliquid NFT Growth Slows as HYPE Drops 18%

Hyperliquid NFTs struggle to expand as HYPE declines sharply, raising questions about the future of the ecosystem.

Propelling Bnb Past Sol In Market Capitalization

Altcoin | Editor Choice

The Memecoin Frenzy: Propelling BNB Past SOL in Market Capitalization

Recently, BNB officially surpassed Solana in market capitalization to reclaim its position in the top 5. The main factor behind this change is the rise of memecoins.

Bitcoin Plunges As Selling Pressure Weighs On The Market

News | Bitcoin | Editor Choice

Bitcoin Plunges as Selling Pressure Weighs on the Market

Bitcoin drops to $81,000 as technical indicators suggest the market may enter a consolidation phase or face a deeper correction, with investor sentiment wavering amid increasing selling pressure.

How To Participate In The Momentum Airdrop

Airdrops | Editor Choice

How to Participate in the Momentum Airdrop

Join the Momentum airdrop hunt! The project has successfully raised $5 million and is organizing a Galxe program to earn points.