As a seasoned researcher with a knack for deciphering market trends and patterns, I’ve seen my fair share of ups and downs in the cryptosphere. The recent turn of events surrounding Toncoin has caught my attention, not just because it’s a fascinating study in market dynamics, but also due to the intriguing role of its creator, Pavel Durov.
On August 24, the value of Toncoin plummeted significantly following the arrest of Telegram’s creator, Pavel Durov, at a French airport. This event caused the Toncoin price to plunge by 27%, down to $5, and it has been having difficulty recovering since then. As a consequence, Toncoin has slipped out of the top 10 rankings and is now vying for the 11th position, with Cardano‘s price hovering near $1, just behind. Intriguingly, large Toncoin holders, or “whales,” have shown an unusual pattern by amassing the asset in substantial quantities. This could potentially indicate that they are preparing for Pavel’s release, which might serve as a significant catalyst for the Toncoin price.
Pavel Durov Detainment Impact on Toncoin Price
Notable figures such as Elon Musk and several politicians are striving to free Telegram’s creator, Pavel Durov, but so far, these attempts have not yielded results. Yesterday, his detention was prolonged for an additional 96 days.
The United Arab Emirates (UAE) has recently requested that France grant them custody of Durov, as he is a UAE national.
In a statement, the UAE is insisting that France grant immediate access to all essential consular assistance for their citizen, Pavel Durov, as requested.
The United Arab Emirates (UAE) is keeping a close eye on the situation involving one of its citizens, Pavel Durov, the creator of Telegram, as he has been taken into custody by authorities.
— Sputnik (@SputnikInt) August 26, 2024
As reported by Sputnik International X, the UAE is closely monitoring the situation of its citizens and has requested France to promptly offer Durov all necessary consular assistance. It seems that Pavel Durov, founder of Telegram, faces 12 criminal charges.
In the past 24 hours, the value of a ton decreased by 7.8%, now trading at $5.38. However, significant whale activity surrounding TON indicates that major investors could be readying themselves for the upcoming launch of Durov’s project.
TON Whale Activity Hints Something’s in The Water
According to Santiment’s data, significant purchases of TON were made by ‘whale’ investors at the time when its price plummeted. The blue line represents these whales buying approximately $3.29 million to $3.48 million worth of TON, while the yellow line indicates consistent mega-accumulation from August 20th to August 25th. Subsequently, these same whales sold off a considerable amount of their TON assets, around $4.07 million to $3.98 million, suggesting that they might have insider knowledge about an upcoming event or shift in the Toncoin price.
Additionally, the whale transaction spike on August 26 shows accumulation after the crash. It is the largest spike since June 2, after which the price rose 32% and hit a new all-time high.
The TON daily active addresses (DAA) skyrocketed on August 26, along with the transaction count. This shows activity among investors and is a bullish signal for Toncoin price since high network activity means volatility will be high if or during recovery.
On August 26, both the 30-day and 365-day Market Value to Realized Value (MVRV) ratios for Toncoin entered the oversold zone, typically indicating a buying opportunity for investors. The 365-day MVRV reached nearly -10%, a level last seen on August 5 during the broader market crash. Historically, such low MVRV levels have preceded price rebounds, as evidenced by Toncoin hitting an all-time high within 9 to 10 days after the previous occurrence.
In addition to the whale activity that day, which may signal anticipation of Pavel Durov’s release, it’s important to highlight the launch of Dogs (DOGS), another Durov project, on the Ton blockchain. This launch is one of the largest on the network since Notcoin. The DOGS airdrop attracted significant attention, leading to a surge in transactions that nearly overwhelmed the network, causing delays in processing times.
The blend of these elements indicates a growing curiosity about TON and its associated ventures, potentially impacting the direction of Toncoin prices over the coming days.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD ZAR PREDICTION
- Top gainers and losers
- ENA PREDICTION. ENA cryptocurrency
- EUR USD PREDICTION
2024-08-27 09:50