Now what’s the fate of Toncoin?

The recent arrest of Pavel Durov, the founder and CEO of Telegram, has thrown the future of Toncoin into a chaotic spin. The market is in a mess, and everyone is scrambling to figure out what comes next.

Pavel got busted by the French authorities at Le Bourget airport. The charges? They’re accusing Telegram of not doing its job in moderating content, which allegedly allowed criminal activities like terrorism, drug trafficking, and fraud to slip through the cracks. 

These are serious accusations that could bring Telegram, and by extension, Toncoin, to its knees. The market’s reaction was instant and brutal. TON’s price nosedived nearly 17% in just a few hours, dropping from $6.80 to about $5.61. 

At press time, it was worth $5.88, showing a 16% decline in the last 24 hours. Open Interest (OI) shot up to an all-time high of $294.14 million, a clear sign that traders are either panicking or betting big on a bounce back—or both. 

The Long/Short Ratio flipped like a switch, showing that some people still believe Toncoin might claw its way back up despite the current dumpster fire.

But let’s be real. The market is walking on eggshells. If Pavel’s legal mess drags on, Toncoin’s price could tank even further. We’re talking about hitting support levels around $5.25, $4.90, or, God forbid, even $3.50.

It’s what happens when bad news slams into a volatile market. People panic, and the selling starts. It’s a vicious cycle that can send prices spiraling down in no time.

Despite the chaos, the TON community is doing its best to keep things afloat. They’re putting out statements left and right, insisting that the network is still running fine and that they’re sticking to their principles of decentralization and free speech. 

Sure, that’s all well and good, but words don’t mean much when the guy running the show is in jail. The community is trying to calm the storm, but whether that will work is anyone’s guess.

Let’s face it, Toncoin’s future is now tied directly to whatever happens with Pavel. If he gets out of this quickly, maybe Toncoin has a shot at recovering. But if these legal issues drag on, you can bet that Toncoin’s value will keep sinking. 

Investors aren’t going to sit around and watch their money disappear. They’ll jump ship, and when they do, the price will plummet even more.