Toncoin hits $13.96B market cap amid Durov debacle

Toncoin has recently achieved remarkable success within The Open Network (TON) ecosystem, surpassing 1.1 million daily active users (DAUs) and reaching a market capitalization of $13.96 billion.

According to IntoTheBlock (ITB) data, Toncoin ( TON ) broke the DAUs milestone on May 13 and held the highest market cap in the TON ecosystem as of Aug. 26.

This rise to the top market cap position in the TON ecosystem came just two days after Telegram CEO Pavel Durov was arrested after his plane landed at Le Bourget airport outside Paris.

Related: Will Telegram-linked Toncoin bounce back after Pavel Durov’s arrest?

Whale concentration

According to ITB data, two tokens within the Ton ecosystem, Gomining and Ston, exhibited high concentrations of whale investors — 98% of tokens were held by large stakeholders.

This whale concentration was accurate as of Aug. 19, before Durov’s arrest. 

While it indicates positive backing for the ecosystem, the potential influence of whales presents volatility risks as large holders could significantly impact market movements.

Related: Breaking: French President Macron denies inviting Pavel Durov to France

Toncoin preceding panic sell-off 

On Aug. 25, the price of Toncoin dropped sharply by 25% to $5.24, just a day after news of Durov’s detention broke.

Despite the tumble in price and shift in market sentiment, multiple technical and market factors suggested that TON could be primed for the rebound that was to follow.

Related: Toncoin open interest surges 32% following Pavel Durov’s arrest

Macron issues statement on the debacle

French President Emmanuel Macron stated during a press conference on Aug. 29, while on a diplomatic visit to Serbia, that he neither invited Durov to the country, nor was he aware of Durov’s trip to France.

Macron explained that “[he] was absolutely unaware of Mr. Durov’s coming to France” and reiterated that Durov’s case would be handled by the “independent action of the French justice system.”

French prosecutors have charged Durov, and he is currently free on a 5 million euro bail-bond agreement but must check in with law enforcement weekly and remain in France.

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