TON Price Outlook: TON Plunges 15% After Telegram Founder Pavel Durov's Arrest

The Toncoin price plunged 15% in the last 24 hours to trade at $5.719 as of 10:00 p.m. EST on trading volume that skyrocketed 438% to $2 billion.

Toncoin price fell 15% in the last 24 hours, trading at $5,719 as of 10 a.m. EST, with trading volume skyrocketing to $2 billion.

The collapse came after Russian-French billionaire Pavel Durov, founder and CEO of the Telegram messaging app, was arrested at Le Bourget Airport outside Paris, France.

A warrant has been issued for Telegram's arrest by the French National Police unit for excessive moderation and lack of cooperation with the police on issues including drug trafficking and crimes against children, French news outlet TF1Info reported.

TON posted a response to the arrest on X, saying, "We want to assure everyone that the TON community remains strong and fully functional."

TON Community Disclosure

Following the recent news regarding Telegram founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully functional.

As a community firmly committed to freedom of speech and centralism…

— TONE ? (@ton_blockchain) August 24, 2024

Toncoin Price View

Just before Durov's arrest, Toncoin price was trading in a sideways pattern as bears and bulls battled for supremacy. TON was trading within the $6.91 resistance and $6.42 support.

The bears won the fight and the TON price fell from below the merger phase to $5.50.

TONUSDT Chart Analysis (Source: Tradingview)

TON is now trading below both the 50-day and 200-day Simple Moving Averages (SMA) as the price declines.

Moreover, the Relative Strength Index (RSI) has fallen below the 30 oversold zone, indicating that the asset is under intense selling pressure.

TON is now undervalued as the RSI has fallen below the oversold level and this could be a buy signal. If the bulls start adding to their positions, TON could bounce back from the current bearish trend into a sideways pattern as it targets $7.5.

However, if the selling intensifies, Toncoin price could drop to the major support at around $4.9.

Meanwhile, as TON investors look for more buying signals, they are betting big on PlayDoge (PLAY), a new play-to-earn (P2E) project that gives investors the last chance, raising more than $6.2 million.

According to 99Bitcoins, a popular crypto channel on YouTube, PLAY has the potential to skyrocket 10X after launch.

Last Chance to Buy PlayDoge

Investors have no time to waste, as there's only one day left until the PlayDoge presale ends on August 26th at 10am EST.

PlayDoge combines the iconic Doge meme with the beloved 90s Tamagotchi game to create a fun virtual gaming experience where players earn $PLAY, the game's native token, by playing.

Players earn $PLAY coins by interacting with the 2D Doge pet in a retro-style app, feeding, playing with, and taking their pets on adventures.

#Don't ghost your Doge or he dies?

Feed your Doge, earn rewards and level up. No maze, just fun!

#PreSale has started! ?#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj

— PlayDoge (@PlayDogeGame) May 31, 2024

In addition to earning rewards via P2E, $PLAY holders can also earn passively by staking $PLAY for an impressive annual percentage return (APY) of 73%.

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