- Toncoin (TON) surged by 7% after Telegram CEO Pavel Durov made his first public statement since his arrest, criticizing outdated laws and affirming his commitment to user privacy and security.
- The positive sentiment has shifted market indicators, suggesting a sustained rally for TON.
The odds appear to be shifting in favor of Telegram-linked Toncoin (TON), whose value has risen by almost 10% in the past 24 hours. The altcoin has outperformed other cryptocurrencies during that period, thanks to Pavel Durov’s first public statement since his arrest on August 24.
Durov’s Impactful Statement
Telegram CEO Pavel Durov expressed gratitude for the support he received following his recent arrest in France, where he was questioned by police for four days. Authorities suggested he could be held personally responsible for illegal activities on Telegram due to a lack of response from the platform. Durov highlighted that Telegram has a designated representative in the EU to handle such requests and that French authorities had various means to reach him.
Criticizing the approach of holding CEOs accountable for third-party actions on their platforms, Durov called it a misguided application of outdated laws. “Building technology is hard enough as it is,” he stated, adding that the potential for personal liability would deter innovation.
Durov emphasized the challenge of balancing privacy and security, noting that Telegram has always sought to engage with regulators while adhering to its mission of protecting users’ rights, particularly in authoritarian regimes. He mentioned past instances where the platform chose to exit markets like Russia and Iran over privacy concerns.
Addressing Telegram’s recent surge in users, which reached 950 million, Durov acknowledged the growing pains and the increased potential for abuse. He assured users that Telegram is actively working to improve its moderation and safety efforts, promising to share more details soon. “We are driven by the intention to bring good and defend the basic rights of people,” Durov affirmed while expressing optimism that these events would lead to a stronger and safer platform.
TON Sees Demand Uptick
The positive sentiment around this statement has led to a spike in Toncoin’s value. TON is the top gainer in the market, with a 7% price uptick in the past 24 hours. The price surge is backed by significant demand, as evidenced by its positive price daily active address (DAA) divergence.
When an asset’s price DAA divergence is positive during an uptrend, it is a bullish signal indicating that the price surge is supported by sufficient demand to sustain the rally.
Moreover, the market sentiment toward TON has shifted from negative to positive over the past two days, as evidenced by the altcoin’s positive weighted sentiment. This metric, which tracks the market’s mood regarding an asset, is 0.50 as of this writing. It indicates that positive emotions fuel most social media discussions about TON.
Sustained Rally Expected
With growing demand and positive market indicators, TON’s market outlook appears promising. Analysts predict a sustained rally, with price predictions aiming for $5.32 amid increasing interest and investment. As the cryptocurrency market continues to evolve, TON’s strong performance highlights its potential as a key player in the sector.
