Toncoin price has experienced a surge of 4.2% following comments from telegram CEO Pavel Durov, who called the recent arrest in France ‘misguided.’ This development has sparked interest in the Ton ecosystem as the price gained 7.5% against Bitcoin (BTC).
Holders in Loss, But Toncoin Price Could Change the Tide
Data from IntoTheBlock shows that 9% of TON holders are currently in profit at the current price of $4.81. However, 86% of the total are still in losses, while 5% are break-even. Additionally, only 5% of TON wallets have held the asset for more than a year. In contrast, 33% have held it for a year.
This data may be influenced by the recent surge in tap-to-earn games on the Telegram-based blockchain.
According to Blum CEO Gleb Kostarev, Telegram T2E gamers have brought mass adoption, which the crypto industry has been waiting for. He further said 50% of Telegram T2E gamers are crypto noobs and hadn’t interacted with Web3 before.
In response to the France arrest, the Telegram platform has come up with an updated policy on reporting illegal content as Durov acknowledged the possibility of the presence of bad actors among the 950 million monthly users on the platform.
I’m still trying to understand what happened in France. But we hear the concerns. I made it my personal goal to prevent abusers of Telegram’s platform from interfering with the future of our 950+ million users.
My full post below. https://t.co/cDvRSodjst
— Pavel Durov (@durov) September 5, 2024
Nevertheless, according to ITB data, Toncoin addresses have skyrocketed to all-time highs, which means the network is growing and that adoption is growing. This signals the potential for future price growth.
Toncoin price increased by 4.2% in the last 24 hours to trade at $4.81 over Durov’s latest comments.
Ton Price Analysis: 108% Surge Pontential On Pavel Durov Comments
The price of the asset is currently in a corrective wave after a significant uptrend that peaked at around $8.
TON price retraced to around the 61.8% Fibonacci retracement (Fib) level, which often acts as a strong support zone. TON currently eyes support around $4.5–$4.7 range. A break below this support could usher the price into the 78.6% Fib-level support around $3.5.
Toncoin price chart
Conversely, the TON price may encounter immediate resistance at $7, which aligns with the 23.6% Fib level. Beyond this, the Toncoin price may surge to the 27% Fib extension level, around $10. This would be a 108% increase from the current price.
Toncoin price has been wavey over the last few weeks since Durov’s arrest. The price chart can also be seen to form a rounded top, which is usually a bearish reversal pattern. However, this may not bear fruit as on-chain metrics support a bullish stance.
Frequently Asked Questions (FAQs)
Toncoin gained 7.5% against Bitcoin after Durov’s comments.
What role has Telegram’s tap-to-earn games played in Toncoin’s growth?
The price chart shows a rounded top, often a bearish reversal, though on-chain metrics remain bullish.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.