Toncoin market cap drops $3 billion after co-founder's arrest, sparking panic selling among traders

From Investing.com

August 26, 2024 06:48:08 AM:

Toncoin, associated with The Open Network (TON), saw a $3 billion market value loss following Telegram co-founder Pavel Durov’s arrest in Paris for alleged ties to criminal activities. The token’s price plummeted by 25% to $5.24, sparking panic selling among traders. Toncoin was trading at $5.68 post-arrest.

Durov’s integral role in Toncoin’s growth caused panic selling among traders, mirroring Binance’s token behavior after CEO CZ’s legal issues. BNB initially dropped 15% before rebounding 35%. Toncoin might follow suit post-panic selling, with a potential recovery as traders reassess the situation.

The Open Network (TON) blockchain assured users of its strength post-Durov’s arrest, emphasizing commitment to freedom of speech amid challenging times. Toncoin (TON) was conceptualized to enhance Telegram’s messaging platform, enabling in-app payments, bot payments, and dapps within a decentralized ecosystem.

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