On the evening of August 24, 2024, TON founder Pavel Durov was arrested in France, which instantly caused the TON coin price to plummet rapidly, once falling from a high of $6.8 to around $5.2. For investors, the most concerned issue is whether the TON coin price can rebound in the future? This article will try to answer this question by analyzing this abrupt event.
Similar Logic Behind Arrests of TON and BNB founders
In fact, the arrest of the TON founder this time has a similar logic to the previous imprisonment of Binance founder Zhao Changpeng. The reason behind it is that the government hopes to impose greater supervision on cryptocurrencies. As we all know, the cryptocurrency circle is a place full of wealth, but in lack of support or endorsement from national governments. This inevitably makes governments of various countries hope to get a share of this field full of wealth, and the common method adopted by the government is to prosecute or arrest the founders of well-known cryptocurrencies, and then collect fines in the name of justice. Previously, Zhao Changpeng's Binance was fined $4.3 billion by the United States, and this time Pavel Durov will most likely face similar treatment.
Can TON's price Rebound in the Future?
So after TON's plunge in price, can the subsequent price rebound? This is undoubtedly the most concerned issue for investors. Last year, after Zhao Changpeng was caught in a legal storm, the price of BNB also plummeted, but as Binance Exchange continued to launch new projects on the Launchpool platform, the price of BNB began to gradually recover. It can be said that the Binance ecosystem is the fundamental of BNB's price. As long as this fundamental remains stable and the judicial storm does not hurt it, then BNB's price is fully capable of gradually rebounding.
So how about TON's fundamental? The answer is undoubtedly the Telegram behind it. As an important entrance from web2 to web3, telegram has nearly 1 billion active users, which is the basis for supporting TON's price. Although the founder was arrested temporarily, as long as the judicial turmoil cannot reduce the number of Telegram users, TON's basic market will still exist, and the subsequent coin price may still gradually recover. From the transaction data, after TON once plummeted to more than $5, there were indeed many funds that chose to buy at the bottom, causing TON's coin price to rebound from $5.2 to the current level of about $5.7.
However, it should be noted that although the judicial incidents failed to affect the basic market of Binance and TON, the market environment faced by the two is different. When the BNB coin price plummeted, the overall market was still in the early stage of the bull market. As the price of Bitcoin continued to rise and the Binance ecosystem continued to expand, the price of BNB also rebounded naturally. However, the current market environment faced by TON is completely different. At present, the price of Bitcoin has risen from about $20,000 at the beginning of this year to more than $60,000. There are great differences in the market about its subsequent trend. It is difficult to say how long the bull market will last. If Pavel Durov can be sentenced quickly in two months, TON will still have time to catch the last train of the bull market and complete the price rebound in the final stage of the bull market. But if the sentencing is delayed, then the price of TON may miss the last rising period of this year.
