3 Toncoin Rivals Poised to 2x Due to Pavel Durov’s Arrest

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As a seasoned crypto investor with a knack for spotting trends and opportunities, I find myself intrigued by the recent developments surrounding Toncoin rivals Solana (SOL), Tron (TRX), and Avalanche (AVAX). The arrest of Telegram CEO Pavel Durov has undeniably shaken the TON market, but it seems to have opened doors for other players in the crypto realm.

Toncoin‘s rivals, including Solana, Tron, and Avalanche, are experiencing growth following recent events involving the arrest of Telegram CEO Pavel Durov in France. Subsequently, the TON coin’s value dropped from $6.8 to $5.5, representing a 19% decrease over a 3-day period. With mounting legal risks, there’s potential for further price adjustments regarding Toncoin.

Toncoin Rivals Poised for Growth as TON Struggles Post-Durov Arrest

On August 24th, I found myself in a surprising situation as I was greeted by authorities upon landing my private jet at Le Bourget airport, due to reports suggesting that I, Pavel Durov, had been arrested. The alleged reason behind this action involves an ongoing investigation concerning the perceived lack of effective moderation within Telegram, the platform I co-founded. It appears that the authorities believe this lax oversight has inadvertently provided a safe haven for illicit activities to persist unchallenged.

Consequently, over the weekend, there was a surprising drop in the value of TON, which was accompanied by an increase in future contracts’ open positions. This surge was primarily caused by short sellers.

Solana (SOL)

Last week, the predicted Solana price experienced a surge from approximately $138 to $162.3, representing a 17% increase. This uptrend occurred alongside a broader market recovery, as well as an escalation in momentum for SOL due to whale accumulation and the formation of bullish patterns.

Among its competitors, Solana’s coin stands out and is currently the preferred choice for cryptocurrency-related investment funds in the U.S. market. At the current reporting time, the value of one SOL was exchanged at approximately $160, maintaining a market capitalization of around $74 billion.

According to DefiLlama’s data, the value locked within the Solana network has jumped from $3.8 billion to $5.4 billion in August, representing a substantial 42% rise. This notable surge in value suggests that investors are increasingly trusting and investing in Solana’s ecosystem, as well as its growing selection of decentralized finance (DeFi) solutions.

Tron (TRX)

The cryptocurrency called TRX, which is part of the Tron system, has caught the interest of investors compared to other rival tokens like Toncoin. This surge in attention happened during the meme coin craze on the SunPump platform. Similar to Solana’s PumpFun, SunPump enables users to develop and launch their own meme coins within the Tron blockchain network.

In the midst of advancements, the TRON network experienced an impressive spike in network earnings, pushing the price of TRX up to $0.17 on Sunday, marking a 25% increase in value over the past week.

Based on data from IntoTheBlock, the number of large transactions in TRON has been steadily increasing, currently standing at around 1.05 transactions. This surge suggests a heightened level of interest and activity among institutional investors or wealthy individuals, which can frequently trigger price increases.

3 Toncoin Rivals Poised to 2x Due to Pavel Durov’s Arrest

If bullish momentum persists, the Tron price prediction hints at a rally above the $3 level.

Avalanche (AVAX)

Over the past few weeks, I’ve witnessed an impressive surge in the price prediction for Avalanche. Starting from around $19.78 mid-August, it climbed up to a high of $28 – a significant jump of approximately 41.5%. This upward trend can be attributed to both the overall market recovery and the recent introduction of Grayscale Avalanche Trust, which has undeniably added to the bullish momentum surrounding the AVAX token.

Furthermore, it’s been observed that the number of addresses holding AVAX has been consistently rising since September 2021, as per IntoTheBlock data. This on-chain indicator now stands at approximately 8.3 million, implying a growing enthusiasm and adoption towards the Avalanche network, as more people and investors amass AVAX tokens.

3 Toncoin Rivals Poised to 2x Due to Pavel Durov’s Arrest

The AVAX price currently trades at $26.54, while the market cap is $10.7 Billion.

Conclusion

1. Pavel Durov’s arrest had a considerable influence on TON‘s price, causing it to approach the $5 support level. With doubts surrounding Telegram’s moderation policies, potential competitors of Toncoin like Solana (SOL), Tron (TRX), and Avalanche (AVAX) may strengthen their market positions by enticing investors and fostering consistent growth.

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2024-08-26 17:02