Toncoin Open Interest (OI) has risen 67% over the past 24 hours after Telegram founder Pavel Durov reported his departure from France.
On March 15th, Toncoin (Ton)oi – metrics tracking the total number of indefinite toncoin derivative contracts, such as options and futures, reached $169 million, an increase of 67% from the day before reports of Durov’s departure first surfaced, according to Coinglass data.
Toncoin’s open interest reaches its highest level in 42 days
It’s Toncoin’s highest level OI since sitting at $171.49 million since February 1st.
TON is an open network native cryptocurrency and the exclusive blockchain infrastructure of Telegram’s Mini App Ecosystem.
Open interest in Toncoin spiked 67% on March 15th. Source: Coinglass
According to data from CoinmarketCap, Ton’s price rose 17% over the same period, trading at $3.45 at publication.
Trading resource account Crypto 1 Billion said on the X Post March 15th that Toncoin “indicates a potential long-term accumulation stage as it stabilizes near its major support levels.”
However, if the rally is short, then the long position of around $18.8 million could be liquidated if Ton’s price returns to the $3 level that was traded on March 14th.
Toncoin’s open profits also skyrocketed after being arrested in 2024
The court reportedly allowed Dorov to travel to Dubai, a city with no agreements handed over to many countries.
Market responses show how important this case is to the crypto industry. Many worry that Doloff’s arrest in France in August 2024 could set a precedent to crack down on other privacy-focused services. He was accused of running a platform that allows illegal transactions.
Related: Bitget predicts Ton’s “derailment” over the next two years
Similarly, when Durov was arrested in August 2024, Ton’s OI also surged.
Following news of Durov’s arrest on August 24, 2024, Ton’s OI spiked 32% over the next 24 hours, with its price falling almost 12%.
On January 21, Telegram announced that it would halt support for all blockchains except open networks for messenger services.
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