Toncoin Rivals Solana (SOL), Tron (TRX), and Avalanche (AVAX) are gaining traction amid the recent arrest of Telegram CEO Pavel Durov in France. Following the report, the TON price plunged from $6.8 to $5.5— a 19% decrease within 72 hours. As the risk of future legal action escalates, this Toncoin price is at risk of further correction.
Toncoin Rivals Poised for Growth as TON Struggles Post-Durov Arrest
On August 24th, the CEO and Co-founder of Telegram, Pavel Durov, was arrested after his private jet landed at Le Bourget airport. Some reports indicate that Durov’s arrest is linked to an investigation concerning the absence of adequate moderation on Telegram. Authorities believe this lack of oversight on the popular messaging platform has allowed criminal activities to thrive undeterred.
Thus, the TON price witnessed a sudden outflow last weekend, accompanied by a spike in open interest in the futures market, predominantly driven by short sellers
Solana (SOL)
The Solana price prediction showed an upswing from $138 to $162.3 last week, registering a growth of 17%. Alongside market-wide recovery, the SOL price witnessed accelerated momentum amid whale accumulation and bullish pattern formation.
The Solana coin outperforms the other Toncoin rivals as it is the next favorable crypto-related exchange fund in the U.S. market. By press time, the SOL price had traded at $160 while boosting a market cap of $74 billion.
Data from DefiLlama shows that the total value locked (TVL) in the Solana network has surged from $3.8 billion to $5.4 billion in August, reflecting a 42% spike. This significant increase in TVL highlights growing investor confidence in Solana’s ecosystem and its expanding decentralized finance (DeFi) offerings.
Tron (TRX)
TRX, the native cryptocurrency of the Tron ecosystem, has garnered investors’ attention from other Toncoin Rivals amid the meme coin frenzy on the SunPump platform. Like Solana’s PumpFun, SunPump allows users to create and launch their own meme coins within the Tron network.
Amid the development, the TRON witnessed a parabolic growth in network revenue that uplifted its TRX price to $0.17 on Sunday, registering a weekly gain of 25%.
According to IntoTheBlock analytics, the Large Transaction Volume in TRON has shown an upward trajectory, recently reaching $1.05 txs. This rising trend indicates growing interest and activity from institutional investors or high-net-worth individuals, often leading to price rallies.
If bullish momentum persists, the Tron price prediction hints at a rally above the $3 level.
Avalanche (AVAX)
Since mid-August, the Avalanche price prediction showed a sharp recovery from $19.78 to $28 high— a 41.5% increase. Along with market recovery, the recent launch of Grayscale Avalanche Trust bolstered the bullish momentum in the AVAX token.
Moreover, the addresses with AVAX balance have displayed steady growth since September 2021, according to IntoTheBlock data. The on-chain metric surged to 8.3 million addresses, suggesting increasing adoption and interest in the Avalanche network as more users and investors accumulate AVAX tokens.
The AVAX price currently trades at $26.54, while the market cap is $10.7 Billion.
Pavel Durov’s arrest significantly impacted the TON price, pushing it close to breaking below the $5 support. Amid the concerns over Telegram’s moderation policies, the Toncoin Rivals such as Solana (SOL), Tron (TRX), and Avalanche (AVAX) could solidify their position by attracting investors and driving steady growth.
Frequently Asked Questions (FAQs)
Pavel Durov’s arrest caused a significant drop in the TON price, leading to a decline from $6.8 to $5.5 within 72 hours
SOL price surged from $138 to $162.3, registering a 17% growth last week. This upswing is driven by whale accumulation, bullish pattern formation
Tron (TRX) has garnered attention amid the meme coin frenzy on the SunPump platform, leading to a 25% weekly gain, with TRX reaching $0.17.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/3-toncoin-rivals-poised-to-2x-due-to-pavel-durov-arrest/
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