- Toncoin’s price fell sharply after news of its founder’s legal troubles came to light.
- Investors sold large amounts of Toncoin, showing a clear loss of confidence in the project.
- The future of Toncoin depends on rebuilding trust and resolving ongoing legal challenges.
Toncoin has faced a major setback since the arrest of Telegram founder Pavel Durov in France in August 2024. On-chain data from Santiment, shared by market analyst Ali (@ali_charts), reveals that investors have sold over 890,000 TON tokens. This sell-off has been driven by holders of 10 to 10,000 TON coins, and it has caused a steady price drop, now sitting at $4.691.
Massive Sell-Off Unveiled
The chart shows how investors rapidly accumulated TON in the first half of 2024, which led to its peak price. However, the arrest of Durov triggered a sharp sell-off that has continued to drag the price down. The steep decline reflects how investor confidence has significantly dropped since the legal troubles began.
Ali’s findings have sparked intense discussions online, with many pointing out key issues behind TON’s current struggles. A user noted that large token unlocks are happening, which is increasing the selling pressure. Another remarked that Durov’s legal troubles may be signaling the beginning of a difficult period for the TON blockchain. These concerns highlight how external challenges can severely impact a cryptocurrency’s market performance.
Price Action and Whale Behavior
The price of TON was climbing as more small-to-medium investors increased their holdings, but the trend reversed after August. Since the arrest, consistent sell-offs have added pressure, which has caused a decline in both the price and market activity. This shift shows how negative events can quickly impact the behavior of holders.
Toncoin’s future remains uncertain, as investors continue to sell, but its blockchain infrastructure is still operational. The current situation reflects how quickly sentiment can shift in the cryptocurrency market due to unexpected events. The path forward will likely depend on resolving the legal issues and restoring confidence among holders.
The situation demonstrates how external events, like leadership challenges, can heavily influence a cryptocurrency’s market performance and investor sentiment. The coming months will reveal if TON can recover.
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