TON Community Faces Twin Problem: Value Drop and Management Vacuum

• TON crashed massively after the arrest of Telegram founder Pavel Durov. 
• The open curiosity for Toncoin has surged 80%, suggesting that the volatility would possibly stay excessive.
• Durov would possibly stay in custody till August twenty eighth.

Toncoin (TON), a top-ten cryptocurrency, has seen a notable value drop following the arrest of Telegram founder Pavel Durov in France. Telegram has considerably backed The Open Community and collaborated with the blockchain on quite a few events.

Even with assist from Tesla CEO Elon Musk, Durov may stay in French custody till August twenty eighth, doubtlessly leaving Telegram, and by extension The Open Community and its native token TON, with out clear management. The billionaire was arrested on costs together with cash laundering and refusal to speak with authorities.

As per the info from CoinMarketCap, Toncoin has plunged 5.73% previously 24 hours and is buying and selling at a price ticket of $5.37 on the time of writing. The altcoin is down 21.77% previously week and 17.92% within the final 30 days with TON shifting from a low of $4.89 to a excessive of $7.25. Toncoin witnessed its all-time excessive in $8.24 and is buying and selling 34.67% decrease from the ATH.

In a put up on X, blockchain evaluation platform CryptoQuant famous that the blockchain, together with the grasp and workchains, are producing blocks usually, which signifies the community is functioning as regular.

Additional, open curiosity jumped from roughly $200 million to $360 million, an 80% improve, suggesting the present development may persist because the market experiences liquidations and buyers exit.

The every day chart under reveals that the buildup of the token has massively risen and there are probabilities of a rebound within the close to future as properly. The gradient of the road suggests that there’s a risk of a reversal quickly.

The Relative Energy Index (RSI) of the TON token reads a worth of 37.61 which confirms that the promoting strain of the altcoin is sort of excessive and the gradient of the road means that larger costs are doable.