The arrest of Pavel Durov caused a surge of activity in the TON network despite the fact that its price dropped sharply. TON has dropped more than 30% since the August 24 incident. However, over the past 24 hours, the digital coin has shown an increase of 8% and is now trading at approximately $5.2. Many other cryptocurrencies also showed growth – Bitcoin, for example, jumped by more than 5%, above $57 thousand.
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After the arrest of Telegram founder Pavel Durov by French authorities, the TON network showed a surge in activity. The number of transactions has increased significantly, which, according to analysts, may be due to increased attention to the project after the incident. “The TON network is experiencing a boom in activity, which is likely related to Durov’s arrest,” The Block emphasizes.
The 7-day moving average (7DMA) of the number of daily transactions on the TON network has reached a new record high. If on August 31 the network recorded 8.68 million transactions, exceeding the previous record of 8.56 million set on January 17, then over the past week this figure continued to grow, reaching 10 million transactions by the end of last week. Thus, since Durov’s arrest, the number of transactions has increased by more than 160%.
In parallel with the growth of transactions, the TON network also recorded a record number of active addresses (unique identifiers of cryptocurrency wallets). By Friday, the number had reached 701,800, up 6% from the previous week. This dynamics indicates that interest in TON is not decreasing, but, on the contrary, is even growing.
However, in contrast to the activity of the network, the price of the Toncoin token reacted negatively to Durov’s arrest. Since the incident, its value has fallen by more than 30%. “While poor overall market conditions may have also played a role in the decline, the impact of the arrest cannot be discounted as TON fell approximately 20% within three hours of the news breaking,” the New York-based firm noted in its report. The Block company.
Thus, Durov’s arrest had an ambiguous effect on the TON network. On the one hand, there is a record increase in user activity and the number of transactions. On the other hand, the price of the token has fallen, which may indicate investor uncertainty regarding the future of the project. However, for the second day the cryptocurrency shows growth.