Toncoin, the main token of The Open Network (TON), has recently seen impressive growth. It has crossed 1.1 million daily active users (DAUs) and reached a market cap of $13.96 billion.
According to data from IntoTheBlock (ITB), Toncoin hit this major milestone of active users on May 13. By August 26, it held the top spot in market capitalization within the TON ecosystem.
Telegram CEO’s Arrest and Market Impact
Toncoin’s rise to the number one market cap position came just two days after Telegram’s CEO, Pavel Durov, was arrested at Le Bourget airport near Paris. This event appears to have had a significant impact on market sentiment.
ITB data also shows that two tokens in the TON ecosystem—Gomining and Ston—are highly concentrated among large investors. Around 98% of these tokens are held by “whales” (large stakeholders). This data was accurate as of August 19, just before Durov’s arrest.
While the heavy presence of whales can indicate strong support, it also introduces risks. Large holders could influence price movements, making the market more volatile.
Toncoin Price Drop Following Arrest
On August 25, Toncoin’s price dropped sharply by 25%, falling to $5.24. This decline occurred just one day after news of Durov’s detention.
Despite this price drop and shifting sentiment, analysts believe there are multiple technical and market factors that could set the stage for a rebound in Toncoin’s value.
