Why Did Toncoin’s (TON) Price Skyrocket by 20% in Minutes?

On a regular, slightly sluggish Saturday in which most crypto assets trade quietly, Toncoin’s price skyrocketed within minutes by double-digits to a 12-day peak of over $3.5.

This came after a statement from the TON Foundation that Pavel Durov’s passport has been returned by the French authorities.

Recall the developments that transpired during the summer of last year when the French authorities arrested Telegram’s founder, Pavel Durov, on suspicion that various offenses had been committed through the app that he runs.

Needless to say, TON felt the consequences immediately, given its history with Telegram, and its price tumbled by double digits. Details were scarce in the following months, but TON failed to recover despite the market-wide bull run, and it bottomed at around $2 after trading above $8 before Durov’s arrest.

The TON Foundation announced earlier today positive developments on the manner, indicating that “Pavel Durov’s passport has been returned to him by French authorities, granting him the freedom to leave the country at his discretion.”

“This news marks a significant moment of resolution. With nearly a billion users worldwide, Telegram represents a global movement committed to the freedom of communication and the inalienable right to privacy. As part of the decentralized TON community, we have stood in solidarity with Pavel, supporting his unwavering dedication to defending the right to free speech and privacy online.” reads the statement.

As the chart above demonstrates, TON’s price reacted immediately again and skyrocketed by over 20%. It managed to overcome the $3 resistance and spiked to a high of $3.5 before correcting slightly.