As the entire cryptocurrency industry saw a significant rally, Toncoin faced an opposite performance in the market where it crashed earlier today, and it was recorded to be an almost 20 percent drop. It is known to be a crypto that rivals Bitcoin, and it belongs to the top ten grossing coins in the market, currently at the ninth spot despite its humongous nosedive.
Reports claimed that Toncoin's crash was because of the recent arrest of Telegram CEO Pavel Durov earlier today in France.
Toncoin Crashes in the Market by Almost 20 Percent
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In the latest report shared by Forbes, Toncoin saw a significant crash in the market earlier today, and this brought down the cryptocurrency's valuation by as much as 20 percent in the past 24 hours alone. Yesterday, August 24, Toncoin was still seeing a $6.7 valuation in the market and is in the green zone of the charts.
However, following Telegram CEO Pavel Durov's arrest, the coin took a massive dive by more than 17 percent, now valued at around $5.7 per TON.
Toncoin remains one of the most popular coins in the market, taking the 9th spot in the charts, and has a $14 billion market capitalization, only behind by $1 billion to the meme crypto, DOGE.
It is also important to note that Toncoin's crash is an isolated one as its other rivals in the market saw a rally after one of the worst crashes in 2024.
According to Forbes' report, TON's recent crash was influenced by the massive arrest of Durov by French authorities after alighting from his private jet at the Le Bourget Airport.
This was part of a preliminary police investigation by the French authorities and a possible indictment this August 25 because Telegram allegedly failed to prevent criminal activity on the instant messaging platform.
Telegram, Toncoin, and the Crypto Market
Telegram is best known as one of the most popular instant messaging platforms in the world, and it rivals other famed platforms like WhatsApp, Signal Messenger, and more. That being said, the company widely supports cryptocurrency, and in 2022, the instant messaging app introduced The Open Network (TON) coin, also known as Toncoin.
Because the platform is proprietary of Toncoin, it is known that users are given perks like being able to trade on Telegram, as well as enjoying zero transfer fees.
The cryptocurrency is the Telegram founder, Pavel Durov's project alongside his brother, Nikolai. The renowned blockchain system known as TON is based on Telegram.
During the start of August, the entire cryptocurrency industry saw a significant crash, and among those affected was Toncoin, but it recently bounced back in the past week. However, the market crash fiasco remains for Toncoin and this was because of its creator's arrest in France, but the reported issue is not about cryptocurrency but because of Telegram's alleged operations.
