While the Toncoin (TON) market was reacting negatively to the arrest of Telegram CEO, Pavel Durov, large investors, commonly known as whales, were busy accumulating millions of the token, pending a possible rally that could be triggered by positive good news from the situation. This action underscores investors’ confidence in the future outlook of the project.
Whales Buy 13 Million TON
According to a recent update from IntoTheBlock, a prominent on-chain tracking service, whales accumulated exactly 13.14 million TON, valued at approximately $73 million as of August 25. Interestingly, these purchases were made when the price of the coin slipped below $6.0 at $5.77. Per IntoTheBlock data, whales and investors own 92% of Toncoin’s total supply of 5.1 billion, which is more than 0.1%. The remaining 8% of TON tokens are now stored in retail addresses, accounting for less than 0.1% of the overall supply.
Following the arrest of Telegram’s CEO, the price of Toncoin plummeted by 20%, indicating the sharp impact of news and events in the crypto sector. Durov was arrested in France on accusations of organized crime, drug trafficking, fraud, cyberbullying, and the promotion of terrorism on Telegram according to reports from CNBC.
According to many French media sources, 39-year-old Durov is set to appear in court today to answer to his charges which could see him facing up to 20 years imprisonment.
Meanwhile, another report from Lookonchain revealed that a Toncoin liquidity provider has removed all TON funds and sold 356,545 tokens, valued at $1.98 million at an average price of $5.57 in the last 4 hours.
Toncoin (TON) 24 Hours Price Movement
Meanwhile, the TON’s movement reacted negatively to the news of Durov’s arrest. Following the update, the coin’s market cap lost about $3.8 billion, making it lose its #8 position on the crypto market chart, dropping to #11. At the time of writing, the price of TON was down by 0.53%, changing hands at $5.63.
Moreover, its market cap has regained some losses, now resting at $14.2 billion with a 24-hour trading volume of $1.1 billion. Notably, earlier today TON briefly reached an intraday high of $5.93, but strong selling pressure prevented it from holding for longer.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.