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Even though the asset faces many obstacles, Toncoin is currently seeing a dramatic shift on the market as significant buying activity emerges. Due to both internal and external pressures, Toncoin's price has dropped by about 20% in recent days.
Some investors, especially whales, have not let this steep decline stop them from jumping in to buy the dip, though. Recently, a prominent whale who goes by Shan gained notoriety when he bought 38,282 TON on the Ethereum network for $200,000 USDT, or $5.22 per TON.
TON is being accumulated by major investors despite the asset's recent struggles, a trend that is reflected in this large transaction. The arrest of Pavel Durov, the man behind the TON blockchain and the founder of Telegram, is largely to blame for the decline in the value of Toncoin.
Durov was detained in Paris and is being prosecuted on a number of counts, the details of which are still being withheld. Following his arrest, a number of nations have formally requested clarification on the reasons behind his detention, sparking an international diplomatic response. To further compound the uncertainty surrounding Toncoin's future, it is still unclear if Durov will be released.
A spike in network traffic recently caused the TON blockchain to halt on top of the legal issues. The asset's price has declined even more as a result of this disruption, which has eroded trust in the stability of the blockchain. As a result, the community and TON-based initiatives have come together to raise money in order to support Durov and possibly secure his release.
The surge in buying activity, especially from whales, indicates that some investors may still be hopeful about a price reversal despite these obstacles. The significant amount of money entering Toncoin is driving up the price from its recent lows, suggesting that there may still be hope for a turnaround.
Alex Dovbnya