Toncoin Open Interest (OI) has surged by 67% in the last 24 hours following news of Telegram’s founder Pavel Durov’s exit from France, where he had been mandated to remain since his detention six months ago.
On March 15, the Toncoin (TON) OI — a measure indicating the total volume of unresolved Toncoin derivative agreements like options and futures — hit $169 million, marking a 67% rise from the preceding day when the news of Durov’s exit first emerged, according to data from CoinGlass.
Toncoin open interest hits highest point in 42 days
This is the peak level of OI in Toncoin since February 1, when it was recorded at $171.49 million.
TON serves as the native digital asset of The Open Network and is the sole blockchain framework for Telegram’s Mini App ecosystem.
Toncoin open interest soared by 67% on March 15. Source: CoinGlass
During the same 24-hour timeframe, TON’s price increased by 17%, trading at $3.45 at the time of writing, as per CoinMarketCap data.
The trading resource account Crypto Billion stated in a March 15 post on X that Toncoin is “exhibiting indications of a possible long-term accumulation phase as it stabilizes near vital support levels.”
Nonetheless, if this upsurge is fleeting, approximately $18.8 million in long positions may be liquidated should TON’s price revert back toward the $3 level it traded at on March 14.
Toncoin open interest also increased following arrest in 2024
The court has reportedly permitted Durov to travel to Dubai, a location without extradition treaties with several nations.
The market’s response suggests the possible importance of this case for the cryptocurrency sector. Many are concerned that Durov’s detention in August 2024 in France could establish a precedent for enforcing restrictions on other privacy-oriented services. He faced accusations of managing a platform that facilitates illegal transactions.
Related: Bitget anticipates TON ‘de-Telegramization’ in the next 2 years
Similarly, when Durov was apprehended in August 2024, TON’s OI also increased.
After the announcement of Durov’s arrest on August 24, 2024, TON’s OI surged by 32% in the next 24 hours, even as its price decreased by nearly 12%.
On January 21, Telegram revealed it would halt support for all blockchains beyond The Open Network for its messaging services.
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