Toncoin gains 20% in a week as Telegram adapts several platform parameters

Toncoin, the official currency of the Telegram social media platform, has climbed some 20% in recent days. Ever since it hit a multi-month low of $4.50 on September 7, the cryptocurrency has already gained more than 20%.

The bullish move comes after Telegram complied with some wishes from European authorities and it was revealed that millions of crypto wallets had purchased Toncoin below $5. Could this be the start of a new leg up?

Top 10

Telegram had to deal with some bad news in August. Pavel Durov, their CEO and founder, was arrested in France and several news channels, especially in Western media, had to inform their viewers who Durov is and especially what Telegram does and what it is used for.

⭕️ BREAKING NEWS:$TON is recovering from the massive dip following Pavel Durov’s detention in France. The price has been pumping for three consecutive days. Good news for $TON traders and enthusiasts.

📌 Trading crypto can be risky; do you own thorough research before Trading. pic.twitter.com/cecqthGzEL

— K_Baah (@Bright_K_Baah) September 9, 2024

These news reports harmed the price of Toncoin, the cryptocurrency of the social media platform Telegram, and it’s price fell below $5 for the first time in a few months. Last week, Toncoin briefly dropped out of CoinMarketCap’s top 10.

By now, it has regained that spot thanks to a bullish few days in which it rose from $4.50 (the low on September 7) to $5.50.

At the time of writing, Toncoin is trading for $5,54

Geolocation

The bullish move of the past few days comes after Pavel Durov gave several interviews and Telegram announced that it wanted to make minor adjustments to their platform in a clear concession to the authorities. From now on you can indicate whether content on Telegram is illegal and automatic geolocation will be disabled.

It also became known that the number of crypto wallet addresses owned by Toncoin increased sharply in the first week of September. Apparently, many crypto fans think purchasing Toncoin under $5 is a good deal.

Analysts claim support is to be found around the $4.86 level while a price ceiling appears to be set around $5.93.

If Durov were to be acquitted of the charges against him in France in the coming days or weeks, I expect a bullish move for Toncoin.