Telegram Co-Founder’s Arrest Leads to Toncoin and Notcoin Plunge
If you have been following the digital currency market this year, you may have noticed a significant drop in the value of Toncoin (TON) and Notcoin (NOT) tokens. The recent arrest of Pavel Durov, co-founder and CEO of the popular mobile app Telegram, in Paris has caused both tokens to plummet by over 20% in just one week.
The Rise and Fall of The Open Network Tokens
In 2018, Telegram introduced the concept of The Open Network and its native currency, Toncoin (TON), through a whitepaper. However, due to regulatory issues with the SEC, Telegram abandoned the project. The community then took matters into their own hands, utilizing TON’s code available on GitHub to revive the project under a new name—The Open Network.
- The Open Network rebranded from Telegram’s original Toncoin concept
- TON’s code was utilized by the community to revive the project
- Renaming the project to The Open Network to continue development
Arrest of Pavel Durov and Market Impact
The arrest of Pavel Durov in Paris on various charges related to Telegram’s alleged failure to prevent illegal activities on its platform has had a direct impact on the cryptocurrency market. Toncoin’s price dropped by 21%, while Notcoin (NOT) also fell by 20%, leading to a significant loss in value for both tokens.
- Pavel Durov’s arrest in Paris triggered a market downturn for Toncoin and Notcoin
- Charges against Durov related to Telegram’s alleged lack of moderation
- Market reaction resulted in a 21% drop in Toncoin’s price
The Crypto Gaming Craze and Airdrop Bonanza
Telegram has been at the forefront of a crypto gaming trend, particularly with the tap-to-earn game Notcoin. Players engage in clicking a virtual gold coin to earn points, leading to the biggest crypto gaming airdrop of 2024, with a market cap of $2.97 billion.
- Notcoin game led the way in the crypto gaming craze
- Players engaged in tapping a virtual gold coin to earn rewards
- Notcoin’s success resulted in a $2.97 billion market cap
Community Support and Solidarity
In response to Pavel Durov’s arrest, various Telegram-based projects and communities have shown support and solidarity. Games like Notcoin and Hamster Kombat have integrated features, stickers, and social media posts in solidarity with the Telegram founder.
- Telegram-based projects express solidarity with Pavel Durov
- In-game features, stickers, and social media posts show support
- Community stands in unity with the detained Telegram CEO
The Rise of the Resistance Dog Token
Toncoin’s logo has been updated to the Resistance Dog, a symbol of digital resistance, following Pavel Durov’s arrest. The TON Society initiated the change and encouraged other projects to follow suit, leading to a significant uptick in the price of the Resistance Dog (REDO) token.
- Resistance Dog token symbolizes digital resistance in the network
- Ton Society promotes solidarity with Resistance Dog logo change
- REDO token sees a 94% increase in value post-logo change
Hot Take: The Future of Telegram-Linked Tokens
As events surrounding Pavel Durov continue to unfold, the cryptocurrency market remains volatile. The arrest of the Telegram co-founder has sent shockwaves through the industry, impacting the value and perception of Toncoin, Notcoin, and other associated tokens. It will be crucial to monitor how the community responds and whether these tokens can recover from the recent downturn.
Sources:
– TON’s code on GitHub
– Toncoin price data
– Notcoin price data
– REDO token information
– TON ecosystem tokens
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