Toncoin Price Prediction After Pavel Durov's Arrest

Bittime - Pavel Durov, CEO of Telegram, was arrested in France on Saturday, August 24 local time. These arrests have raised concerns about the future of these instant messaging apps and related cryptocurrencies, such as The Open Network's Toncoin (TON).

French authorities arrested Durov at Bourget Airport outside Paris on charges of facilitating criminal activity on Telegram. According to the SCMP report, Durov is being investigated for a "lack of moderation" on the instant messaging app. 

He will face possible charges today, which could affect Telegram and TON.

So, what is the price prediction for Toncoin (TON) after Durov's arrest? Check out the review in this article!

Toncoin's Increase Factor Is Telegram

Despite ongoing efforts to separate The Open Network brand from the Telegram app, Toncoin surged primarily due to Telegram's reputation, user base, and infrastructure. 

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Therefore, increased uncertainty regarding the company's future may affect the market's confidence in this cryptocurrency.

TON's official account on X stated that, despite news of the arrest, the project remains strong and committed to its principles.

Source:

Toncoin (TON) Price Analysis and Predictions Regarding Durov's Arrest

At the time of writing, TON was trading at $5.66 (Rp 87,124), down 0.3% in 24 hours from $6.74 (Rp 104,276). Interestingly, the social volume associated with this project increased, making Toncoin's social dominance peak at 4.86%, validating the impact of this news.

Finbold takes social data from Santiment's Sanbase Pro indicator, which is quite high for a project of TON size.

Sumber: Santiment

Basically, discussions related to Pavel Durov, Telegram, and The Open Network have dominated the cryptocurrency space this weekend while prices have fallen, indicating a direct relationship.

However, cryptocurrencies are difficult to predict, and subsequent price action will depend on how independent Toncoin actually is from Telegram and Durov's leadership. Retail traders typically respond to negative news by panic selling, sending prices tumbling.

Sometimes, panicked price drops will quickly reverse upwards once investors digest less negative news. However, this trend may continue if supported by strong negative fundamentals and intensify as the situation develops.

If the price decline continues, Toncoin may again visit the price support levels at $5.25 (Rp. 80,775), $4.9 (Rp. 75,460), and $3.5 (Rp. 53,900).

TON investors will now have to closely monitor the indictment of Pavel Durov and further actions by The Open Network to make plans. Meanwhile, direct competitors may see an influx of capital and increased demand while traders speculate in this context.

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