{"id":9809,"date":"2025-03-16T08:02:34","date_gmt":"2025-03-16T07:02:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9809"},"modified":"2025-03-16T08:02:34","modified_gmt":"2025-03-16T07:02:34","slug":"toncoin-surges-with-67-open-interest-spike-following-pavel-durovs-exit-from-france","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/16\/toncoin-surges-with-67-open-interest-spike-following-pavel-durovs-exit-from-france\/","title":{"rendered":"Toncoin Surges with 67% Open Interest Spike Following Pavel Durov’s Exit from France"},"content":{"rendered":"

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Toncoin Open Interest (OI) has surged by 67% in the last 24 hours following news of Telegram’s founder Pavel Durov\u2019s exit from France, where he had been mandated to remain since his detention six months ago.<\/p>\n

On March 15, the Toncoin (TON<\/a>) OI \u2014 a measure indicating the total volume of unresolved Toncoin derivative agreements like options and futures \u2014 hit $169 million, marking a 67% rise from the preceding day when the news of Durov\u2019s exit<\/a> first emerged, according<\/a> to data from CoinGlass.<\/p>\n

Toncoin open interest hits highest point in 42 days<\/h2>\n

This is the peak level of OI in Toncoin since February 1, when it was recorded at $171.49 million.<\/p>\n

TON serves as the native digital asset of The Open Network and is the sole blockchain framework for Telegram\u2019s Mini App ecosystem.<\/p>\n

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Toncoin open interest soared by 67% on March 15. Source: <\/em>CoinGlass<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

During the same 24-hour timeframe, TON\u2019s price increased by 17%, trading at $3.45 at the time of writing, as per<\/a> CoinMarketCap data.<\/p>\n

The trading resource account Crypto Billion stated<\/a> in a March 15 post on X that Toncoin is \u201cexhibiting indications of a possible long-term accumulation phase as it stabilizes near vital support levels.\u201d<\/p>\n

Nonetheless, if this upsurge is fleeting<\/a>, approximately $18.8 million in long positions may be liquidated should TON\u2019s price revert back toward the $3 level it traded at on March 14.<\/p>\n

Toncoin open interest also increased following arrest in 2024<\/h2>\n

The court has reportedly permitted Durov to travel to Dubai<\/a>, a location without extradition treaties with several nations.<\/p>\n

The market\u2019s response suggests the possible importance of this case for the cryptocurrency sector. Many are concerned that Durov\u2019s 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.<\/p>\n

Related: <\/strong><\/em>Bitget anticipates TON \u2018de-Telegramization\u2019 in the next 2 years<\/strong><\/em><\/a><\/p>\n

Similarly, when Durov was apprehended in August 2024, TON\u2019s OI also increased.<\/p>\n

After the announcement of Durov\u2019s arrest on August 24, 2024, TON\u2019s OI surged by 32% in the next 24 hours, even as its price decreased by nearly 12%.<\/p>\n

On January 21, Telegram revealed it would halt support for all blockchains beyond<\/a> The Open Network for its messaging services.<\/p>\n

Magazine:<\/strong><\/em> Vitalik discusses AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye<\/strong><\/em><\/a><\/p>\n