Many crypto experts claim that the rapid ton coin price recovery is due to the release of Telegram’s CEO, Pavel Durov, from the custody of French authorities.
The current trade price of $Ton coin is $5.15, marking a 9% increase over the last 24 hours.
$Ton coin Price Recovery At Noticable Pace pic.twitter.com/gm8aR3Pqpm
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At present, the Ton coin’s price is surging rapidly. Between 25 Aug and 29 Aug, the situation looked grim for the Ton network due to multiple issues. First, a major blockchain code issue followed the launch and massive transaction influx of Dogs meme tokens on the Ton blockchain. Additionally, the arrest of Telegram’s CEO, Pavel Durov, acted as a significant catalyst for a price drop and weakened user confidence.
Fortunately, Telegram’s CEO secured bail on 29 Aug, and the Ton network resumed smooth operations the same day, thanks to the efforts of the Ton community developers.
Due to overall negative sentiment around cryptocurrencies and the volatile money market, most crypto assets faced significant price drops. Bitcoin, for example, crashed from $64k to $52k. A price fall for top crypto assets was expected.
While many top assets are recovering, the pace of Ton coin’s recovery is especially impressive compared to other top 10 crypto assets.
Ton Blockchain & Meme Coin Influx
With the support of the Telegram ecosystem, the Ton blockchain is rapidly expanding its user base. Following the success of the Dogs meme token, many other crypto project teams have begun launching their meme tokens and even games.
Experts note that Telegram users are finding it much easier to integrate their crypto assets with these games and tokens, as technical support is available via Telegram bots.
Read also: Tether Makes Bold Move: Acquires 9.8% Stake in Latin American Agricultural Powerhouse
$Ton Coin Shows Strong Recovery Amid Bearish Market Sentiment—Here’s Why!
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