As a seasoned analyst with over two decades of experience in the financial markets, I find it intriguing to observe how external events can significantly impact the performance of digital assets like Toncoin (TON). The arrest of Pavel Durov, the founder of Telegram, in France has undeniably cast a shadow over TON, causing a sharp decline in its value and increased selling pressure.
After the arrest of Pavel Durov, the founder of Telegram, there was a significant surge of bearish trends observed within the Toncoin market.
Toncoin (TON) dipped approximately 20.6% over the last 24 hours, currently being valued at around $5.3. Its market capitalization has dropped to about $13.6 billion, positioning it as the ninth most substantial cryptocurrency in terms of value.
The asset saw a 690% surge in its daily trading volume, reaching the $2 billion mark. TON is currently facing increased selling pressure despite the market-wide rebound on Saturday, Aug. 24.
The decline in TON‘s price occurred following Durov’s arrest at Le Bourget airport near Paris. Today, he is set to appear in court where the Russian billionaire exile might be charged with several criminal offenses such as terrorism, drug trafficking, fraud, money laundering, and child abuse content.
🚨 Breaking News: Telegram Founder Pavel Durov Faces Potential Imprisonment for 20 Years in France
— Mario Nawfal (@MarioNawfal) August 24, 2024
As reported by Mario Nawfal, Durov could potentially spend up to 20 years behind bars if he fails to adhere to the content moderation regulations of the specific nation.
numerous influential personalities from X have publicly expressed their backing of the Telegram founder, due to his stance against censorship of free speech.
Elon Musk, the billionaire owner of X, mocked Europe’s new laws for censoring free speech.
“It’s 2030 in Europe and you’re being executed for liking a meme.”
Elon Musk said pointing out Durov’s arrest in France.
POV: It’s 2030 in Europe and you’re being executed for liking a meme
— Elon Musk (@elonmusk) August 24, 2024
According to TON‘s official account on X, the TON community will unwaveringly support Durov, who is resolute in upholding free speech.
“It’s our conviction that his endeavors toward a free and distributed web will keep igniting the spirit of many for years to come.”
TON community said on X.
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2024-08-25 13:54