Toncoin Open Interest Jumps 67% Following Pavel Durov’s Departure from France

Toncoin’s open interest (OI) saw a sharp surge of 67% in the past 24 hours, following reports that Telegram founder Pavel Durov had left France. Durov, who had been required to remain in the country following his arrest seven months ago, now appears to have departed after legal developments allowed for his release.

On March 15, Toncoin’s OI—a metric tracking the total value of unsettled derivative contracts such as futures and options—reached $169 million. This represents a significant 67% increase from the previous day when news of Durov’s departure first surfaced, according to CoinGlass data. It marks the highest level of OI in Toncoin since February 1, when it peaked at $171.49 million.

Toncoin Price Sees a Surge Alongside Open Interest

Along with the OI spike, Toncoin’s price also experienced a notable increase. Over the same 24-hour period, the price of TON surged 17%, reaching $3.45 as of the time of publication, according to CoinMarketCap data.

Crypto analysts have suggested that Toncoin is displaying signs of a potential long-term accumulation phase, as the asset stabilizes near key support levels. A post from the Crypto Billion account on March 15 noted that the current price movement could indicate a growing interest in the token, which is also seeing support due to its integration into Telegram’s ecosystem.

However, caution remains, with some predicting that if this rally proves short-lived, around $18.8 million in long positions could be at risk of liquidation if Toncoin’s price falls back toward the $3 level, where it was trading on March 14.

The Impact of Durov’s Legal Battles on Toncoin’s Market

Durov’s legal struggles in France have had significant implications for the Toncoin market. The recent surge in OI and price follows a pattern seen previously. In August 2024, when news of Durov’s arrest first emerged, Toncoin’s OI spiked by 32% within 24 hours, although the price of TON fell almost 12% in response. The market appears to closely follow developments related to Durov, with his legal situation directly influencing Toncoin’s trading activity.

Reports indicate that Durov has now been allowed to travel to Dubai, a city with no extradition agreements with many countries, raising questions about the potential ramifications of his departure. Some observers have speculated that Durov’s arrest and legal troubles could set a troubling precedent for privacy-focused platforms, raising concerns about the future of decentralized services and blockchain technology.

The Significance for The Open Network and Telegram’s Future

Toncoin’s role as the native cryptocurrency of The Open Network (TON) and its exclusive use in Telegram’s Mini App ecosystem continues to grow in importance. This surge in open interest comes at a critical moment, as Telegram’s recent announcements have shown a deeper commitment to TON. In January 2024, Telegram revealed that it would cease support for all blockchains other than TON for its messenger services, further cementing the cryptocurrency’s role within the platform’s ecosystem.

As Durov’s legal case progresses, the crypto industry is closely watching how the situation will unfold. With Toncoin’s market showing resilience, the future of The Open Network and its connection to Telegram remains a focal point for both investors and users alike.