Toncoin Surges 45% Amid Durov’s Release and Crypto Rebound
Toncoin (TON) has seen a significant price increase, rising 45% from its lowest point this month. The token peaked at $3.6240 on Saturday, marking its highest level since February 24.This surge has pushed Toncoin’s market cap above $8.4 billion.
A key factor behind this rise is the release of Pavel Durov from France. French authorities returned Durov’s passport, allowing him to leave the country. This progress, coupled with the ongoing rebound in crypto prices, has fueled the token’s growth.
Durov’s arrest in 2024 in France sparked controversy. He was accused of various crimes, including managing an online platform for illegal transactions.Despite the allegations, many in the crypto community supported him.
Though, the Toncoin price surge might potentially be short-lived. The token’s on-chain metrics are weak.TonStat data shows TON inflation has risen to 0.40%, up from 0.33% in October. The total supply has surged to over 5.124 billion.
- Transactions per day have dropped to 2.15 million from nearly 20 million in september last year.
- The number of active wallets in the TON Blockchain has declined.
- The total value locked in its DeFi ecosystem has fallen to $180 million from $800 million.
These factors suggest that Toncoin’s price may drop as the excitement over Durov’s release fades. Historically, traders overreact to major news and then sell off.
The daily chart shows that TON price has bounced back from $2.3650 this month. it reached $3.50, hitting the 50-day moving average.This indicates significant resistance.The token may resume its downtrend and fall below $3.
