Toncoin open interest (OI) has skyrocketed 67% over the past 24 hours, following reports of Telegram founder Pavel Durov’s departure from France. Durov, who had been required to remain in the country since his arrest seven months ago, has reportedly been allowed to travel to Dubai.
Toncoin Open Interest Hits $169 Million
On March 15, Toncoin’s OI, which measures the total number of unsettled derivative contracts such as futures and options, reached $169 million. This represents a massive 67% increase from the previous day, according to data from CoinGlass. The last time Toncoin’s OI was at this level was February 1, when it stood at $171.49 million.
Toncoin (TON) serves as the native cryptocurrency for The Open Network (TON), which underpins Telegram’s Mini App ecosystem. With this sharp rise in open interest, TON’s price surged 17% in the same 24-hour period, trading at $3.45 at the time of publication, according to CoinMarketCap.
Trading Analysis and Market Sentiment
Crypto analysts have been closely monitoring Toncoin’s price movements. Trading resource account Crypto Billion noted in a March 15 post on X that Toncoin is displaying “signs of a potential long-term accumulation phase as it stabilizes near key support levels.”
Despite this positive outlook, some analysts warn that if the current rally is short-lived, approximately $18.8 million in long positions could be liquidated if TON’s price falls back to the $3 level where it was trading on March 14.
Historical Trends: Toncoin OI Spiked After Durov’s Arrest
Toncoin’s open interest has surged during significant events related to Pavel Durov in the past. When French authorities arrested Durov in August 2024, TON’s OI spiked by 32% in just 24 hours. However, unlike the current surge, the price of TON dropped almost 12% at that time.
The crypto community has closely followed Durov’s legal battles, particularly due to concerns about the potential impact on privacy-focused services. Many fear that his arrest could set a precedent for stricter regulations on similar platforms that prioritize user anonymity.
Durov Allowed to Travel to Dubai
The latest reports indicate that the court has permitted Durov to leave France for Dubai, a jurisdiction with no extradition agreements with many countries. This development has fueled speculation about the future of Telegram’s blockchain strategy and the broader implications for the crypto industry.
Telegram’s Commitment to The Open Network
Telegram has increasingly solidified its relationship with The Open Network. On January 21, the company announced it would cease supporting all other blockchains for its messenger services, making TON its exclusive blockchain infrastructure. This move further cemented Toncoin’s role in the ecosystem and could have long-term implications for its adoption and utility.
Future Outlook for Toncoin
As market participants process the implications of Durov’s departure from France, Toncoin remains a key asset to watch. The combination of increased open interest, price movements, and strategic shifts within Telegram suggests that Toncoin’s volatility may continue. Investors will be watching closely to see whether this rally sustains or if profit-taking and liquidations trigger a pullback.
With the crypto industry navigating an evolving regulatory landscape, developments related to Telegram and its founder will likely continue to influence market sentiment and Toncoin’s trajectory.
