Toncoin recorded a market cap of $13.96B amid the bearish crash
Toncoin has recently achieved remarkable success in 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 broke the DAUs milestone on May 13th and has held the top market position in the Ton ecosystem since August 26th.
This is two days after the arrest of the CEO of Telegram, Pavel Durov, to reach the highest market level in the Ton ecosystem, after the plane landed at Le Bourget airport outside Paris.
RELATED: Will Telegram-Linked Toncoin Come Back After Pavel Durov's Arrest?
Well attention
According to ITB data, two tokens in the TON ecosystem, GOMINING and STON, showed high whale investors – 98% of tokens are owned by large stakeholders.
Prior to Durov's capture, this whale focus had been valid since August 19.
While it represents a positive contribution to the ecosystem, the potential impact of whaling shows volatility as large owners can have a significant impact on market activities.
RELATED: BREAKING: French President Macron Turns Down Pavel Durov's Invitation to France
Toncoin before the panic sale
In the year On August 25, Tonocoin's price dropped by 25% to $5.24, a day after the news of Durov's arrest.
Despite the decline in prices and changing market sentiment, several technical and market conditions suggest that Toncoin could be tipped for a subsequent recovery.
Related: Toncoin open interest surges 32% after Pavel Durov's arrest
Macron made a statement about the loss
French President Emmanuel Macron They said in a press conference that they did not invite Durov to the country and did not know about Durov's trip to France when they were on a diplomatic visit to Serbia on August 29.
Macron explained[he] “Mr. Durov was never aware of his arrival in France,” and reiterated that Durov's case would be dealt with by “the independent action of the French justice system.”
French prosecutors charged Durov and he is currently free on a 5 million euro bail deal, but must remain in France in weekly contact with law enforcement.
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