TON hits record transaction highs post-Durov arrest while token price plummets 30%

TON hits record transaction highs post-Durov arrest while token price plummets 30%

Reported by The Block: The 7-day moving average (7DMA) of daily transactions on the TON network has increased by 160% since the Telegram founder was arrested.

The following is an excerpt from The Block’s Data and Insights newsletter.

Following the arrest of Telegram founder Pavel Durov by French authorities on August 24, 2024, activity within the network has surged exponentially, with a sharp rise in network transactions and active addresses.

The 7-day moving average (7DMA) of daily transactions on the TON network has reached a new all-time high. The network saw an all-time high of 8.68 million transactions on Aug. 31, surpassing the previous record of 8.56 million from Jan. 17.

Throughout the past week, this figure has continued to increase, reaching upwards of 10 million transactions on Friday. This figure has now increased by over 160% since Durov was arrested.

The 7-day moving average (7DMA) of the daily number of active addresses on the TON network has also seen a record high. As of Friday, the TON network has seen about 701,800 active addresses. This represents a 6% increase compared to the previous Friday.

However, unlike the network activity, the price of the TON token itself has not responded well to Pavel’s arrest. The TON token is down over 30% since the incident.

While poor general market conditions may have played a role in this downturn as well, the effects of the arrest cannot be discounted as TON fell by roughly 20% in the three hours following the news.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Source

Policy and Regulation

Related News
'He signs whatever I say': LIBRA token 'facilitator' Hayden Davis claims he paid Argentine Pres. Milei's sister for influence: report 'He signs whatever I say': LIBRA token 'facilitator' Hayden Davis claims he paid Argentine Pres. Milei's sister for influence: report
Argentinian President Javier Milei charged with fraud over $LIBRA token scandal: AP Argentinian President Javier Milei charged with fraud over $LIBRA token scandal: AP
Bitwise files Dogecoin ETF registration, firm confirms Bitwise files Dogecoin ETF registration, firm confirms
Trump-backed World Liberty Financial swaps approximately $90 million worth of stablecoins for ETH, LINK and other tokens Trump-backed World Liberty Financial swaps approximately $90 million worth of stablecoins for ETH, LINK and other tokens
World Liberty Financial sees surge in token sales following Donald and Melania Trump memecoin launches World Liberty Financial sees surge in token sales following Donald and Melania Trump memecoin launches
Latest News More More
2 Days Ago 0xbow unveils ‘Privacy Pools,’ a new blockchain privacy tool drawing from Vitalik Buterin’s research
March 27 Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
March 27 MEXC Extends DEX+ Platform to Binance Smart Chain Users
March 25 Binance suspends employee for allegedly profiting off of insider information
March 25 BlackRock launches bitcoin ETP in Europe following US success
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open