The open interest (OI) in Toncoin has soared by 67% in the past 24 hours following reports that Telegram’s founder, Pavel Durov, has departed France. His exit comes after a seven-month period during which he was required to remain in the country due to legal matters.
Toncoin OI Hits Highest Level in Over a Month
As of March 15, Toncoin’s open interest—representing the total number of active derivative contracts such as futures and options—climbed to $169 million, marking a significant rise from the previous day. This surge followed reports of Durov’s departure, according to data from CoinGlass. The last time Toncoin’s OI was this high was on February 1, when it reached $171.49 million.
Toncoin (TON) is the native cryptocurrency of The Open Network (TON), which serves as the foundational blockchain for Telegram’s Mini App ecosystem.
During this period, the price of TON also saw a notable increase, climbing 17% to reach $3.45, as per CoinMarketCap data.
Market Analysts Weigh In
Crypto Billion, a trading-focused account, highlighted in a March 15 post on X that Toncoin appears to be entering a long-term accumulation phase, stabilizing around key support levels.
However, if this upward momentum proves temporary, approximately $18.8 million worth of long positions could be liquidated if the price of TON drops back to the $3 level where it was trading on March 14.
Historical Reactions to Durov’s Legal Challenges
This is not the first time the market has responded strongly to news surrounding Durov. When he was arrested in France in August 2024, Toncoin’s open interest also spiked. On August 24, 2024, following the news of his arrest, TON’s OI surged by 32% within 24 hours, while its price saw a sharp 12% decline.
Reports indicate that the court has now permitted Durov to travel to Dubai, a jurisdiction known for its lack of extradition agreements with many nations.
His arrest had previously raised concerns within the crypto industry, with some speculating that it could set a precedent for stricter regulations on privacy-focused services. He had been accused of operating a platform that allegedly facilitated illicit transactions.
Meanwhile, Telegram announced on January 21 that it would discontinue support for all blockchains except The Open Network for its messaging services, further cementing its commitment to the TON ecosystem.
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