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The Open Network’s native crypto TON coin has been enjoying a healthy bullish recovery in the last 5 days, but bullish volume spiked more in the last 24 hours. The main reason for this spike could be the release of Telegram’s founder Pavel Durov.
Durov was arrested on 24 August last year with a myriad of charges brought against him for not having enough moderation policies. He was arrested and detained by French authorities and has not been able to get out of the country until now.
The arrest sparked a lot of debate about free speech on networks like Telegram. According to recent reports, the Tron founder is now allowed to leave France after his passport was reinstated.
The arrest also came at around the same time that TON was experiencing robust growth through WEB3. Therefore, many saw the arrest as an attack to Telegram and TON. The market reacted positively to reports that he has been allowed to leave France.
TON bulls dominate as price extends momentum into the weekend
TON just experienced its sharpest bullish bounce since November last year. The cryptocurrency traded at $3.47 at press time after rallying by slightly over 18% in the last 24 hours.
TON has been in the green for the last 5 consecutive days, suggesting that it has a high level of appeal among traders. The cryptocurrency has so far rallied by 47% from its latest local low on 11 March.
TON clocked $466.82 million in trading volume in the last 24 hours after surging by 186.52%. Despite the latest recovery, TON still traded at a 51% discount from its peak in December.
TON Coin address activity reveals interesting details about its ability to bounce back
Data revealed that 99% of TON addresses held between 0 and $1,000 worth of coins. The remaining addresses held over $1,000 to $100,000 worth of coins.
Also, 66.44% of the circulating supply was held by whales. According to IntoTheBlock, the number of TON addresses HODLing the cryptocurrency has been on the rise.
HODLers have surged from 2.74 million addresses as of 1 December to 4.31 million addresses as of 14 March. Cruisers were up from 85.66 million to 108.17 million addresses during the same period. Interestingly, short term traders dipped from 12.38 million to 4.62 million addresses.
The data confirmed that HODLers and cruisers were accumulating as prices dipped lower. Short term traders declining confirmed a focus on longer term gains and this has arguably contributed to its sharp bounce back.
The total number of addresses with balance also collaborated with the outcome after clocking a new ATH at 116.85 million addresses.
Can TON recover to its December highs? A rally to its December local top from its current price point is equivalent to a 109% gain. Robust network activity during the Q4 rally contributed a great deal to TON demand.
Transaction volume remained at levels last seen in March. However, Durov’s release could put TON back on on track towards tapping into robust DeFi opportunities. If this happens then it could potentially boost transaction volumes on the network.
