Toncoin Rivals Solana (SOL), Tron (TRX), and Avalanche (AVAX) Gain Traction Amid Post-Durov Arrest Correction

Toncoin Rivals Poised for Growth as TON Struggles Post-Durov Arrest On August 24th, the CEO and Co-founder of Telegram, Pavel Durov, was arrested

The recent arrest of Telegram CEO Pavel Durov in France has sparked a downturn in the cryptocurrency market, particularly affecting Toncoin (TON). Following the report, the TON price experienced a notable decline, dropping from $6.8 to $5.5, marking a 19% decrease within 72 hours. This price movement comes as a setback for TON, which had previously enjoyed a surge in value.

The development follows an investigation into Telegram's role in facilitating criminal activities due to a lack of sufficient moderation on the platform. Authorities allege that this oversight has allowed illicit activities to flourish on the messaging service.

Meanwhile, Toncoin rivals such as Solana (SOL), Tron (TRX), and Avalanche (AVAX) are experiencing growth and presenting opportunities for investors.

Solana (SOL)

The Solana price witnessed a rise from $138 to $162.3 last week, registering a growth of 17%. This price movement occurred amid market-wide recovery and was further fueled by whale accumulation and bullish pattern formation.

The Solana coin is positioned as the next favorable crypto-related exchange fund in the U.S. market, attracting attention among investors. At press time, the SOL price traded at $160, boasting a market cap of $74 billion.

Data from DefiLlama shows a surge in the total value locked (TVL) within the Solana network. Over the month of August, the TVL has increased from $3.8 billion to $5.4 billion, reflecting a 42% spike. This substantial growth in TVL highlights expanding interest in Solana's ecosystem, particularly in its decentralized finance (DeFi) offerings.

Tron (TRX)

TRX, the native cryptocurrency of the Tron ecosystem, has also drawn investors'目光 from other Toncoin rivals amid the meme coin craze on the SunPump platform. Similar to Solana's PumpFun, SunPump enables users to create and launch their own meme coins within the Tron network.

Amid the development, TRX witnessed a parabolic growth in network revenue that uplifted its price to $0.17 on Sunday, registering a weekly gain of 25%.

According to IntoTheBlock analytics, the Large Transaction Volume in TRON showed a rising trend, recently reaching $1.05 txs. This rising metric indicates growing interest and activity from institutional investors or high-net-worth individuals, which can often lead to price rallies.

If bullish momentum persists, the TRX price is poised for a rally above the $3 level.

Avalanche (AVAX)

The Avalanche price also experienced a sharp recovery from $19.78 to a high of $28, marking a 41.5% increase since mid-August. This price movement was bolstered by the recent launch of the Grayscale Avalanche Trust, which is designed to offer investors exposure to the AVAX token.

Moreover, the addresses with AVAX balance have displayed steady growth since September 2021, according to IntoTheBlock data. The on-chain metric surged to 8.3 million addresses, suggesting increasing adoption and interest in the Avalanche network as more users and investors accumulate AVAX tokens.

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