Despite the asset facing many obstacles, Toncoin is currently experiencing a sharp shift in the market as significant buying activity is emerging. Due to both internal and external pressure, the price of Toncoin has fallen by about 20% in recent days.
Some investors, especially whales, haven’t let this sharp decline stop them from jumping in and buying the dip. Recently, a well-known whale who calls himself Shang gained notoriety when he bought 38,282 TON on the Ethereum network for $200,000 USDT, or $5.22 per TON.
TON is being hoarded by major investors despite the asset’s recent struggles, a trend that is reflected in this major deal. The arrest of Pavel Durov, the man behind the TON blockchain and founder of Telegram, is largely to blame for the fall in Toncoin’s value.
Durov was detained in Paris and faces a number of charges, the details of which have not yet been made public. Following his arrest, a number of countries have formally requested clarification on the reasons for his detention, prompting an international diplomatic response. To add to the uncertainty surrounding Toncoin’s future, it is still unclear whether Durov will be released.
A surge in network traffic recently brought the TON blockchain to a halt, in addition to legal issues. The asset’s price dropped further as a result of the outage, undermining confidence in the blockchain’s stability. As a result, the TON-based community and initiatives have banded together to raise money to support Durov and hopefully secure his release.
The surge in buying activity, especially by whales, suggests that some investors may still be hoping for a price reversal despite these headwinds. The significant amount of money flowing into Toncoin is lifting the price from its recent lows, suggesting that there is still hope for a reversal.
