Toncoin (TON) has surpassed Stellar (XLM) in market capitalization following a 22% price surge, propelling TON up the cryptocurrency rankings. With a market capitalization of $8.59 billion, Toncoin ranks as the 14th largest cryptocurrency, ahead of Stellar’s market capitalization of $8.37 billion.
Toncoin was up 19% in the last 24 hours to $3.46 at the time of writing, while Stellar (XLM), the 15th largest cryptocurrency, traded marginally down at $0.272.
Toncoin experienced a significant spike in Saturday’s trading session, rising from a low of $2.906 to $3.637, a 22.58% increase, according to TradingView data. The spike followed the release of Telegram founder Pavel Durov from France, where he had been compelled to remain since his arrest in August 2024.
According to Wu Blockchain, who cited Agence France-Press, Telegram founder Pavel Durov has been granted permission by a French court to leave France and travel to Dubai. Wu added that sources said the investigating judge approved a modification to Durov’s judicial supervision conditions several days ago, allowing him to leave France for “several weeks.”
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Wu Blockchain also reported that the TON Foundation confirmed that Pavel Durov’s passport had been returned to him by French authorities, allowing him to leave the country at his discretion.
Toncoin rebounds
Toncoin is the native cryptocurrency of The Open Network, which is separate from the Telegram platform but is widely used by Telegram users.
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Following the news of the Telegram founder’s arrest in France on Aug. 24, 2024, the price of TON fell by more than 35%, from nearly $6.88 to $4.44 by September 2024, before it started to recover.
TON peaked at $7.20 on Dec. 4, 2024, after a historic gain on the cryptocurrency markets, but then steadily declined to a low of $2.363 on March 11 before rebounding.
Since March 11, TON has marked five straight days of gains; March 15 gains were the largest, with TON reaching highs of $3.637, where it met resistance. Toncoin is up 20% weekly; a sustained breach above the daily SMA 50 at $3.645 would kick a fresh uptrend for the TON price.
