Toncoin’s Open Interest (OI) surged by 67% in the past 24 hours following reports that Telegram founder Pavel Durov was granted permission to leave France after being detained for seven months.
Toncoin Open Interest Reaches 42-Day High
On March 15, Toncoin’s OI hit $169 million, marking a significant jump from the previous day’s $101 million, according to CoinGlass data. This is the highest OI level for Toncoin since Feb. 1, when it peaked at $171.49 million.
Toncoin (TON), the native cryptocurrency of The Open Network (TON), serves as the backbone for Telegram’s Mini App ecosystem. The recent increase in OI signals heightened trader activity in Toncoin derivatives, including options and futures.
TON Price Rallies as Trading Interest Grows
Alongside the OI surge, Toncoin’s price climbed 17% in 24 hours, reaching $3.45 at the time of publication, according to CoinMarketCap data. Trading analysts at Crypto Billion noted that Toncoin is showing signs of long-term accumulation, as it stabilizes near key support levels.
However, market volatility remains a risk. If TON’s rally is short-lived, analysts predict that around $18.8 million in long positions could be liquidated if the price drops back toward $3.
Market Response to Durov’s Case
Durov was previously detained in France in August 2024 over allegations that Telegram enabled illicit transactions. Concerns remain that his case could set a precedent for regulatory crackdowns on privacy-focused services in the cryptocurrency space.
Interestingly, a similar Toncoin OI surge of 32% was observed after Durov’s August 2024 arrest, though at that time, TON’s price fell by nearly 12% following the news.
In a strategic move, Telegram announced on Jan. 21, 2025, that it would exclusively support The Open Network (TON), discontinuing other blockchain integrations for its messenger services. This decision further cemented TON’s role in Telegram’s growing blockchain ecosystem.
The latest Toncoin price surge and OI increase highlight the crypto market’s reaction to Durov’s departure from France. While some traders view this as a positive shift, market analysts warn of potential downside risks if the rally does not hold. Moving forward, Telegram’s deeper integration with TON and Durov’s legal trajectory will be key factors influencing Toncoin’s price action.
