Despite the ongoing controversy facing Telegram CEO Pavel Durov, Toncoin (TON) has recently hit a milestone $13.96 billion market cap. Indeed, the messaging applications blockchain, The Open Network, continues to thrive. All despite the concerning state of its founder, and his recent arrest in France.
The apprehension of Durov last weekend drove a massive decline for Toncoin. With the situation still unfolding, there is no certainty regarding TON’s position. Yet, it does appear to be turning a corner. It has recently set important records that should fuel a return to its early August performance levels.
Also Read: Toncoin (TON) May Fall Out of Top 10 as It’s Flipped by Tron (TRX)
TON Hits Record Market Cap Milestone as Telegram CEO Gets Charged
Toncoin has had an interesting 2024 so far. The crypto token, connected to the Telegram app, surged at points. Yet, that changed in late August. Specifically, the arrest of the app’s CEO, Pavel Durov, forced a stark decline in its overall value. Now, it is seeking to find a way back to relevance.
Over the last 30 days, TON has fallen more than 18% in value, according to CoinMarketCap. Moreover, it has dropped more than 17% in the last seven days alone to trade at its current $5.4 level. There does appear to be some signs that things are shifting, however.
Toncoin has recently set a new $13.96 billion market cap record amid the Durov controversy. According to IntoTheBlock data, the token also broke the daily active users (DAU) record of 1.1 million that was set in May. It
Also Read: Telegram’s Toncoin (TON) Falls 17% Following Founder’s Arrest
When news of Durov’s arrest surfaced on August 25th, the token faced a 25% drop. Mass sell-offs dominated the market, with the asset falling to the $5.24 level. There is still some positive market factors that show the token could be poised to rebound. That may become more apparent as the market cap figure is starting to rebound.
The recent milestone has the asset firmly entrenched in the top 10 cryptocurrencies. However, there are still some threats impending. Tron (TRX) recently leapt TON in that ranking. Additionally, Cardano (ADA) is looking to return to the list, eyeing Tonconi’s current place.