Toncoin Open Interest Surges 70% Amid Reports of Pavel Durov Leaving France

Reports of Telegram founder Pavel Durov's departure from France have coincided with a sharp 67% rise in Toncoin’s Open Interest (OI) over the past 24 hours.

Durov had been ordered to remain in the country following a seven-month detention. According to CoinGlass data, Toncoin’s OI—a measure of unsettled derivative contracts such as futures and options—climbed to $169 million on March 15, marking its highest level since February 1, when it stood at $171.49 million.

Speculation Mounts Over Toncoin's Future

News of Durov’s reported departure has fueled speculation about its potential impact on the Toncoin ecosystem, driving the surge in OI. Toncoin (TON) is the native cryptocurrency of The Open Network (TON), which underpins Telegram’s Mini App ecosystem.

Toncoin's price also responded positively, jumping 17% within the same period to trade at $3.45, according to CoinMarketCap. Trading resource Crypto Billion suggests that TON is entering a long-term accumulation phase near key support levels, with market analysts closely monitoring the rally.

Potential Volatility Ahead

Despite the recent surge, concerns about volatility persist. A price dip back to the $3 mark could trigger the liquidation of approximately $18.8 million in long positions.

Durov's rumored move to Dubai—a jurisdiction without extradition agreements with several nations—has also reignited discussions on crypto regulation. His arrest in France in August 2024 had already raised concerns about potential enforcement actions against privacy-focused platforms, with authorities alleging Telegram facilitated illicit activities.

History of Market Reactions to Durov's Legal Troubles

Toncoin's OI previously surged by 32% following Durov’s arrest on August 24, 2024, while its price declined by roughly 12%.

Adding to the market dynamics, Telegram recently shifted its blockchain strategy. In January, the company reaffirmed its

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