The Toncoin value crashed onerous for the second consecutive day after authorities arrested Pavel Durov, the founder, CEO, and majority proprietor of Telegram. He was arrested in France and can probably be held for some time.
Telegram founder arrested
Pavel, who was just lately interviewed by Tucker Carlson, will probably be charged on a number of offences like fraud, cash laundering, and complicity. He might also be charged with evading Russian sanctions since Telegram does lots of enterprise within the nation.
It continues to be too early to find out the result of the lawsuit and what to anticipate. However, in an X put up, the TON Foundation maintained its assist of Pavel. Elon Musk additionally chimed in, sending an X put up with the hash tag #FreePavel.
Today greater than ever, we see the necessity for freedom of speech and decentralization – two causes championed by @durov and core tenets of the TON ethos.
We are assured that the TON and TG communities will emerge from this with larger energy. #FREEDUROV
– TON Ventures
— TON_Ventures (@TON_Ventures) August 25, 2024
Tucker Carlson additionally expressed his assist for Pavel. In an extended X put up, he famous that Pavel left Russia when the federal government tried to censor Telegram. He additionally added that the arrest occurred in a Western nation and a NATO member.
Pavel Durov left Russia when the federal government tried to regulate his social media firm, Telegram. But in the long run, it wasn’t Putin who arrested him for permitting the general public to train free speech. It was a western nation, a Biden administration ally and enthusiastic NATO member,… https://t.co/F83E9GbNHC
— Tucker Carlson (@TuckerCarlson) August 24, 2024
News of his arrest pushed Toncoin considerably decrease, reaching a low of $5.37, its lowest level since August 6 of this 12 months. It has now dropped by over 35% from its highest level this 12 months.
As it dropped, the token additionally moved under the 50-day and 200-day Exponential Moving Averages (EMA), which means that bears are in management.
Focus turns to Bitcoin Dogs
Now, with the TON token falling, analysts and traders are focusing on the Bitcoin Dogs value, which is beginning to achieve momentum amongst crypto traders.
The value has carried out as most analysts had been anticipating. In most durations, cryptocurrencies drop sharply after beginning to commerce as lots of the presale consumers begin promoting. This is the case for Bitcoin Dogs, which raised over $13.5 million in its token sale.
The token has quite a few potential catalysts that can push its value increased within the coming weeks. First, it has turn into considerably low-cost because it was buying and selling at $0.02456, down from a excessive of $0.12 this week. This makes it extra enticing to contrarian traders who consider that it’s going to bounce again.
Second, Bitcoin Dogs will probably profit when rates of interest begin falling in September. Jerome Powell, the top of the Fed, has confirmed that charge cuts are coming quickly. If this occurs, analysts anticipate that the Fed will ship three cuts this 12 months and proceed the pattern in 2025.
Fed cuts are good for dangerous belongings like crypto as we noticed in 2020 when the bak was slashing charges due to the Covid-19 pandemic. At the time, many cryptocurrencies like Dogecoin and Shiba Inu went mainstream and Bitcoin reached its all-time excessive of $69,000.
Third, Bitcoin Dogs builders have loads in retailer, together with extra alternate listings and the expansion of its ecosystem by new product launches. For instance, they plan to extra to key areas like NFTs and staking.
Historically, we’ve got seen many meme cash crash after which bounce again. For instance, Pepe crashed onerous in 2023 and has now bounced again by over 1,600% from its lowest level on report. Learn extra about Bitcoin Dogs here.
