- Toncoin has surged 30% over the past week of trading, pushing it back toward US $3.50.
- The jump in price comes as Telegram’s founder Pavel Durov was granted short-term freedom, allowing him to leave France for the first time in nearly a year.
- A crypto analyst has argued the recent trend reversal demonstrates a good buying opportunity for Toncoin believers.
Telegram’s (unofficial) cryptocurrency, Toncoin, is back in the news cycle following a massive week in the market.
The token captured the world’s attention in 2024 after the explosion of play-to-earn Telegram minigames such as Hamster Kombat and Notcoin.
Since bursting onto the scene, TON’s price movements have been relatively subdued. But as the warm touch of summer wanes over Australia, Toncoin might be starting to once again enjoy its time in the sun.
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Durov Granted Temporary Freedom as Toncoin Defies Market Trends
The past week has been kind to Toncoin, with the token gaining an eye-catching 30%. It is now trading close to US $3.50 (AU $5.53) on the back of one key piece of news.
Telegram’s founder, Pavel Durov, had been under legal distress for being complicit in allowing crime to occur on his encrypted messaging platform.
However, the travel ban once imparted on him was temporarily lifted, buoying the markets.
Durov was quick to take advantage of his freedom, reportedly flying to Dubai, giving hope that his legal issues may come to a non-catastrophic resolution.
Toncoin Finds Bottom, But Where is the Top?
The news of Durov’s short-lived freedom, among strong technical indicators, provided Toncoin with the boost it needed to break its shackles.
Market analyst Crypto Patel argues that TON’s current breakout provides a strong launching point for investors that believe in the project’s long-term fundamentals.
He notes that Toncoin has very clearly found its bottom support – at US $2.40 (AU $3.79), and that jumping in around this price is a good opportunity.
Crypto Patel suggests that the ceiling for Toncoin currently sits at US $5 (AU $7.90).
The play-to-earn sensation has died down of late, with player bases of popular games dropping by 80%+ over the past six months.
However, Toncoin has demonstrated utility beyond GameFi thanks to its fast-evolving relationship with Telegram.
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