Toncoin open interest soars 67% as Pavel Durov departs France

Toncoin Open Interest (OI) has jumped 67% over the past 24 hours amid reports of Telegram founder Pavel Durov’s departure from France, where he had been required to stay since his arrest seven months ago.

On March 15, Toncoin (TON) OI  — a metric tracking the total number of unsettled Toncoin derivative contracts such as options and futures —  reached $169 million, representing a 67% increase from the previous day when the reports of Durov’s departure first surfaced, according to CoinGlass data.

It is the highest level of OI in Toncoin since Feb. 1, when it was sitting at $171.49 million.

TON is The Open Network’s native cryptocurrency and is the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem.

Toncoin open interest surged 67% on March 15. Source: CoinGlass

TON’s price jumped 17% over the same 24-hour period, trading at $3.45 at the time of publication, according to CoinMarketCap data.

Trading resource account Crypto Billion said in a March 15 X post that Toncoin is “showing signs of a potential long-term accumulation phase as it stabilizes near key support levels.”

However, if this rally is short-lived, around $18.8 million in long positions could be liquidated if TON’s price falls back toward the $3 level it was trading at on March 14.

The court reportedly allowed Durov to travel to Dubai, a city with no extradition agreements with many countries.

The market’s reaction hints at the potential significance of this case for the crypto industry. Many are worried that Durov’s arrest in August 2024 in France could set a precedent for cracking down on other privacy-focused services. He was accused of running a platform that enables illicit transactions.

Related: Bitget predicts TON ‘de-Telegramization’ in the next 2 year

Similarly, when Durov was arrested in August 2024, TON’s OI also surged. 

Following the news of Durov’s arrest on Aug. 24, 2024, TON’s OI spiked 32% over the following 24 hours, alongside its price falling almost 12%.

On Jan. 21, Telegram announced it would cease support for all blockchains other than The Open Network for its messenger services.

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