The Telegram ecosystem is rallying in support of its founder, Pavel Durov, a move that has pushed the Toncoin (TON) price into rebound mode. After two major updates from the case today, Toncoin investors went on a buying streak to send prices upward.
Toncoin Paring Off Weekly Losses Amid Support For Telegram Founder
Amid the uncertainty surrounding Pavel Durov’s arrest in France a few days ago, TON notably suffered the most. The coin has fallen by more than 18.58% in the past week, dropping as low as $5.09.
Notably, the tides is changing now with the community garnering support for a petition to release Durov. With a 5 million signature target to reach the next milestone, the “Free Durov and Defend Free Speech” movement has secured 1,189,070 signatures. This show of solidarity is crucial for the digital currency as it powers the broader Telegram ecosystem.
The Durov arrest has sparked different reactions in the community. While retail investors are bearing more of the brunts of this uncertainty, TON whales are speculating with more optimism, As reported earlier, the growing bets from TON whales suggests price may return to ATH soon, despite the uncertainties.
As of writing, Toncoin price has rebounded to $5.38, up by 5.3% in the past 24 hours. Though the trading volume is still down by 32.52% to $678,732,251, a gradual recovery is spotted on-chain.
Toncoin 1D Price Chart. Source: CoinMarketCap
The Backlash On President Emmanuel Macron
There is no doubt that the detention of the Telegram Founder has sparked a global outcry from the tech world. While the exact reasons for his arrest remain unknown, new reports has further placed President Emmanuel Macron on the spotlight.
According to Sputnik, the Telegram Founder had a scheduled dinner with President Macron before his arrest.
This implied to many that the Durov might have been lured to the country, a classic case of betrayal. While no official sources have substantiated these claims, Florian Philippot, leader of Les Patriots Party, accused Macron of deceit. He even suggested that the arrest was a tactic to silence those defending freedom of expression.
How this case plays out remains a key catalyst that will determine the direction of Toncoin in the coming weeks. For now, the expectation is that its escalation will prevent the crash of Notcoin to $0.005.
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