Polygon (matic) 
The detention of Pavel Durov, the founder and CEO of Telegram, has increased the selling pressure on Toncoin, while large whales continue their accumulation.
According to data from IntoTheBlock, 92% of the Toncoin supply is held by whales and investors holding over 0.1% of the asset’s 5.1 billion total supply. The remaining 8% of TON tokens are in retail addresses, holding less than 0.1% of the total supply.
Data shows that large TON holders accumulated 13.14 million tokens as the asset’s price dropped below the $6 mark, hitting a local bottom of $5.32 on Aug. 25.
The Toncoin price plunged 20% after Durov was detained in France, where he faces potential prison time of up to 20 years. TON’s market cap decreased by $3.8 billion, making it fall from the eighth to the 11th spot among leading cryptocurrencies.
However, TON soon began to recover some of its losses as the crypto community started to support the Telegram founder.
Toncoin is up by 2% in the past 24 hours and is trading at $5.62 at the time of writing. The asset’s market capitalization has surpassed the $14 billion mark with a daily trading volume of $1.2 billion.
Notably, TON briefly touched an intraday high of $5.93 earlier today but couldn’t sustain it due to increased selling pressure.
Data indicates that Toncoin is slightly oversold at this price point with a Relative Strength Index (RSI) of 44. High price fluctuations could be normal for TON as uncertainty surrounds the asset.
Stay updated with more news and developments on Global Crypto News.
