Toncoin Surpasses 1.1 Million Daily Active Users Amid Market Volatility

According to Cointelegraph, Toncoin has recently achieved significant milestones within The Open Network (TON) ecosystem, surpassing 1.1 million daily active users (DAUs) and reaching a market capitalization of $13.96 billion. Data from IntoTheBlock (ITB) indicates that Toncoin broke the DAUs milestone on May 13 and held the highest market cap in the TON ecosystem as of August 26. This rise to the top market cap position in the TON ecosystem occurred just two days after Telegram CEO Pavel Durov was arrested upon landing at Le Bourget airport outside Paris. ITB data also revealed that two tokens within the Ton ecosystem, GOMINING and STON, exhibited high concentrations of whale investors, with 98% of tokens held by large stakeholders as of August 19, before Durov’s arrest. While this indicates strong backing for the ecosystem, the potential influence of whales presents volatility risks as large holders could significantly impact market movements. On August 25, the price of Toncoin dropped sharply by 25%, falling to $5.24, just a day after news of Durov’s detention broke. Despite the tumble in price and shift in market sentiment, multiple technical and market factors suggested that Toncoin could be primed for a rebound. French President Emmanuel Macron addressed the situation during a press conference on August 29, while on a diplomatic visit to Serbia. Macron stated that he neither invited Durov to the country nor was he aware of Durov’s trip to France. He explained that he was “absolutely unaware of Mr. Durov’s coming to France” and reiterated that Durov’s case would be handled by the “independent action of the French justice system.” French prosecutors have charged Durov, and he is currently free on a 5 million euro bail-bond agreement but must check in with law enforcement weekly and remain in France.