Telegram CEO Pavel Durov was released from police custody and transferred to the court in Paris for an initial inquiry and possible charge. Following the report of Durov’s release, Toncoin (TON) skyrocketed by 12.5%, rising from $5.3 to $5.98 in less than one hour.
Why Telegram CEO Arrested?
On August 24, 2024, Pavel was arrested at Paris’s Bourget Airport on charges of spreading child pornography, drug trafficking, money laundering, and other offenses. This incident led to a sharp sell-off of TON tokens, causing the price to drop by over 25%.
TON Price and Rising Open Interest
Looking at the price momentum, it seems that the Telegram CEO has a significant influence on TON and related tokens. Currently, TON is trading near the $5.65 level and has experienced a price surge of over 3.54%. Meanwhile, its trading volume has skyrocketed by 34% following Pavel Durov’s release from police custody.
Additionally, TON’s open interest has also skyrocketed by 7% in the last 4 hours, indicating growing interest from traders and investors amid Pavel’s recent release.
Expert Hints Perfect Buying Opportunity
During the Asian trading hours, a prominent crypto expert made a post on X (previously Twitter) that the current price of TON is in a reaccumulation zone, as it is moving between the 200 EMA and 365 EMA zones. The post on X noted that Durov was aware of his arrest warrant in France and was likely prepared for it before entering the country, although he is expected to be released soon.
Additionally, the expert hints that $4.70 and $5.70 are ideal buying opportunities, as TON could potentially soar by 3x to 5x in the coming days.
Source: https://coinpedia.org/news/telegram-ceo-released-from-police-custody-whats-next-for-toncoin/