{"id":9813,"date":"2025-03-16T08:34:33","date_gmt":"2025-03-16T07:34:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9813"},"modified":"2025-03-16T08:34:33","modified_gmt":"2025-03-16T07:34:33","slug":"toncoins-open-interest-surges-67-following-pavel-durovs-departure-from-france","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/16\/toncoins-open-interest-surges-67-following-pavel-durovs-departure-from-france\/","title":{"rendered":"Toncoin’s Open Interest Surges 67% Following Pavel Durov’s Departure from France"},"content":{"rendered":"

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

On March 15, Toncoin (TON<\/a>) OI \u2014 a measurement of the overall number of unsettled Toncoin derivative agreements like options and futures \u2014 attained $169 million, symbolizing a 67% rise from the previous day when the news of Durov\u2019s exit<\/a> first emerged, as per<\/a> CoinGlass records.<\/p>\n

Toncoin open interest hits peak level in 42 days<\/h2>\n

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

TON serves as the native cryptocurrency of The Open Network, functioning as the sole blockchain infrastructure for Telegram\u2019s Mini App ecosystem.<\/p>\n

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Toncoin open interest surged 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 this report, according<\/a> to data from CoinMarketCap.<\/p>\n

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

Nonetheless, if this upturn proves transient<\/a>, about $18.8 million in long positions might be liquidated if TON\u2019s price retreats toward the $3 mark it was trading at on March 14.<\/p>\n

Toncoin open interest also spiked after arrest in 2024<\/h2>\n

Reports indicate that the court permitted Durov to travel to Dubai<\/a>, a location lacking extradition agreements with numerous countries.<\/p>\n

The market\u2019s response suggests the potential implications of this case for the cryptocurrency sector. Many are concerned that Durov\u2019s apprehension in August 2024 in France might set a precedent for a crackdown on other privacy-oriented services. He faced accusations of operating a platform that facilitates illegal transactions.<\/p>\n

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

Similarly, when Durov was detained in August 2024, TON\u2019s OI experienced a similar spike.<\/p>\n

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

On January 21, Telegram declared its intention to stop supporting all blockchains besides<\/a> The Open Network for its messaging services.<\/p>\n

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