The Open Interest (OI) for Toncoin has surged by 67% in just 24 hours, coinciding with reports of Telegram founder Pavel Durov’s exit from France, where he had been held since his arrest six months ago.
As of March 15, the OI for Toncoin (TON)—a gauge of the total number of unresolved derivative contracts such as options and futures—hit $169 million, reflecting a 67% increase compared to the previous day when news of Durov’s return broke, according to data from CoinGlass.
Toncoin open interest hits a 42-day high
This marks the highest OI for Toncoin since February 1, when it was valued at $171.49 million.
TON serves as the native cryptocurrency for The Open Network and is the primary blockchain infrastructure for Telegram’s Mini App ecosystem.
Edit the caption here or remove the text
During the same timeframe, Toncoin’s price rose by 17%. At the time of this writing, Toncoin is trading at $3.45, according to data from CoinMarketCap. A trading resource known as Crypto Billion noted in a March 15 post that Toncoin appears to be “indicating signs of a potential long-term accumulation phase as it stabilizes near key support levels.”
Additionally, around $18.8 million in long positions could be at risk of liquidation if Toncoin’s price dips back toward the $3 level, which it was at on March 14.
Toncoin open interest also spiked after Durov’s earlier arrest
Reports indicate that the court has permitted Durov to travel to Dubai, a location that lacks extradition agreements with various countries.
The market’s reaction underscores the importance of this case within the crypto sector, with many concerned that Durov’s arrest in August 2024 could set a troubling precedent for curtailing other privacy-driven services. He faced accusations of facilitating a platform for illegal transactions.
Related: Bitget predicts TON’s ‘de-Telegramization’ over the next two years
In a similar pattern, TON’s OI also experienced a spike after Durov’s arrest in August 2024.
After the news of Durov’s arrest on August 24, 2024, OI for TON rose by 32% within the subsequent 24 hours, even as its price dropped nearly 12%.
On January 21, Telegram made an announcement to discontinue support for all blockchains except The Open Network for its messaging services.
Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye