The Price Performance of Crypto TON

The price performance of crypto TON in the last seven days is by far the best among the top 100 cryptocurrencies.

Reasons for the Surge

The reasons for this notable performance are twofold: positive news regarding Telegram and a sharp rebound after months of declining prices.

Summary

• The rebound of the price of crypto TON
• The good news for the crypto project TON
• TON and Telegram
• Community reactions to news about Pavel Durov

The Rebound of the Price of Crypto TON

Among the top one hundred cryptocurrencies by market capitalization, TON is the only one to exceed a 25% gain in the last seven days.

From the minimum peak of $2.35 last Tuesday, TON reached a maximum peak of $3.66 last night, representing a 55% gain. Yet, it only recently recovered from a three-month decline that began back in December.

The price had been around $3 seven days ago and currently sits just above $3.4. After reaching $7.2 in early December, a long decline saw it drop to $2.35 on March 11, marking a loss of 67%.

Although the recent 55% rebound seems impressive, it has not returned prices to October levels and only interrupted a long decline.

The Good News for the Crypto Project TON

The rebound was anticipated due to the long decline in prices, making it inevitable at some point. It was catalyzed by news about Pavel Durov, the founder and CEO of Telegram, who had faced legal troubles in France.

Durov was arrested in August for not assisting French authorities with criminal activity on Telegram. However, he was released soon after with restrictions, including a travel ban. Recent news confirmed that France restored his passport and lifted the travel ban, allowing him to return to Dubai, where Telegram is based.

Upon hearing this news, TON’s price surged from $2.9 to $3.5 in a few hours, before leveling off.

TON and Telegram

TON (The Open Network), along with its native cryptocurrency Toncoin, operates independently from Telegram. However, their fates are closely linked since Telegram has chosen to support only the TON blockchain.

Originally, TON was part of the Telegram Open Network project. Its ICO was halted by the SEC in 2020, but an independent and decentralized project also named TON arose, maintaining close ties with Telegram.

Community Reactions to the Good News about Pavel Durov

The reactions from the Telegram and TON communities regarding Durov’s release were overwhelmingly positive. The TON Society praised Durov’s commitment to freedom of speech and transparency, despite the personal and political risks involved.

Celebratory posts were widespread among Telegram channels linked to the TON ecosystem. Notably, Durov’s earlier arrest may have contributed to Toncoin’s inability to surpass its all-time high of $8.2 from June of the previous year.

An interesting statistic was that open interest on Toncoin surged by 67%, indicating a strong interest in derivatives trading related to Toncoin, further reflecting the growing trading activity around this asset.