Toncoin Rebounds After Network Outage, Durov Arrest
Toncoin (TON), the native token of the Telegram Open Network (TON), has experienced a turbulent week marked by network outages, a controversial CEO arrest, and a surprising price surge.
TON Network Outages
TON network faced two outages in the past few days, attributed to the overwhelming popularity of the DOGS airdrop. Exchanges like Bybit suspended TON deposits and withdrawals due to the network congestion. Despite the outages, TON price managed to climb after each restart.
Durov Arrest and Investor Interest
Telegram CEO Pavel Durov’s arrest in France on charges related to alleged criminal activity on the platform sent shockwaves through the crypto community. Surprisingly, TON price initially dipped but then rebounded 10%, defying expectations of a prolonged decline.
This resilience might be due to:
- Increased global media attention and investor interest surrounding the arrest.
- An influx of 1 million new TON user wallets in just 3 days.
TON/USD Price Analysis
TON reached a high of $8.25 in June but has since fallen due to broader market trends and the Durov arrest. Currently, TON sits around $5.50, having recovered from a 20% weekly drop.
Analysts suggest TON faces a challenging but potentially rewarding path to reclaim the $6.00 level. Support levels at $5.13 could prevent further declines.
TON’s recent performance highlights its dependence on the Telegram ecosystem and its susceptibility to external events. The influx of new users and the upcoming launch of the HMSTR token by Hamster Kombat could put further strain on the TON network. Despite the uncertainties, TON’s price resilience suggests continued investor interest in the project.
The broader crypto market is experiencing a downturn, with Bitcoin dropping below $60,000. AI tokens are also seeing red, despite Nvidia’s impressive earnings report.
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