BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

Toncoin’s Market Capitalization Hits $13.96 Billion Amid Durov’s Legal Troubles

by Matoy
August 30, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
A A
1
SHARES
19
VIEWS
Share on XShare in TelegramShare on Reddit
  • Toncoin surpasses 1.1 million daily active users, leading The Open Network (TON) ecosystem with a $13.96 billion market cap.
  • Whale investor concentration in the ecosystem raises concerns over potential market volatility due to large stakeholder influence.
  • Recent arrest of Telegram CEO Pavel Durov contributes to price volatility, with Toncoin experiencing a significant drop.

The digital currency Toncoin has reached a pivotal milestone, confirming its leading position within The Open Network (TON) by achieving over 1.1 million daily active users. According to analytics from IntoTheBlock, Toncoin’s market capitalization has soared to an impressive $13.96 billion, marking it as a prominent player in the TON ecosystem as of late August.

The TON ecosystem hosts several tokens, but Toncoin stands out not only for its user base and market cap but also for the high concentration of whale investors. Specifically, tokens like Gomining and Ston have reported that 98% of their circulating supply is held by top stakeholders. This scenario underscores a significant backing for these tokens but also hints at possible price manipulations if these whales decide to move large quantities of the token.

Market Reactions and Stability Concerns

The landscape for Toncoin saw a notable shift just as news of Telegram CEO Pavel Durov’s arrest emerged, impacting the token’s stability. On August 25, just a day after Durov’s detention became public, Toncoin’s value plummeted by 25%, dipping to $5.24. This sharp decline highlighted the sensitivity of Toncoin’s valuation to broader ecosystem developments and uncertainties.

Despite this setback, analysis suggested a potential rebound was possible, hinting at an underlying resilience in Toncoin’s market fundamentals.

French Political Echoes Amid Durov’s Arrest

The arrest of Pavel Durov added an international dimension to the unfolding events, drawing comments from French President Emmanuel Macron. During a press engagement in Serbia, Macron clarified his non-involvement with Durov’s visit, stating he was unaware of any plans regarding Durov’s arrival in France. This development places the spotlight on the French justice system, which now handles Durov’s case. Under stringent conditions, Durov has been granted bail for 5 million euros, necessitating weekly check-ins with French authorities and restricting his movements within France.

Tags: crypto
TweetShareShare
Previous Post

The Block Analytics – Aug 29

Next Post

Bitcoin Struggles to Hold Support as Prices Dump Below $58,000

DON'T MISS THESE! HOT OFF THE PRESS

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?
CRYPTO

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today
CRYPTO

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?
CRYPTO

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Load More

Related News

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.