TokenCoin’s worth fell for the second consecutive day after authorities arrested Telegram founder, CEO and majority proprietor Pavel Durov. He was arrested in France and can seemingly be held in custody for a while.
Telegram founder arrested
Pavel, who was lately interviewed by Tucker Carlson, may very well be charged with various crimes together with fraud, cash laundering and collusion. He may be charged with evading Russian sanctions since Telegram does numerous enterprise within the nation.
It’s nonetheless too early to find out what the end result of the lawsuit will likely be and what to anticipate. Nevertheless, in a tweet, the TON Basis expressed its continued assist for Pavel. Elon Musk additionally responded by sending a tweet with the hashtag #FreePavel.
At present greater than ever, we really feel the necessity for freedom of expression and decentralization – two points that must be addressed. @durov and the core ideas of the TON ethos.
We’re assured that the TON and TG group will emerge from this stronger. #freedurov
– TON Ventures
— TON_Ventures (@TON_Ventures) August 25, 2024
Tucker Carlson additionally expressed his assist for Pavel. In a prolonged X submit, he talked about that Pavel left Russia when the federal government tried to censor Telegram. He additionally famous that the arrest passed off in a Western nation and NATO member.
Pavel Durov left Russia when the federal government tried to regulate his social media firm Telegram. However ultimately, Putin didn’t arrest him to permit the general public to train free speech. This was a Western nation, an ally of the Biden administration and an enthusiastic NATO member,… https://t.co/F83E9GbNHC
— Tucker Carlson (@TuckerCarlson) August 24, 2024
The information of his arrest despatched Toncoin plummeting, hitting a low of $5.37, its lowest stage since August 6 this yr. It’s now down greater than 35% from its highest level this yr.
Because it fell, the token additionally moved under the 50-day and 200-day exponential transferring averages (EMA), that means that bears are in management.
Specializing in Bitcoin Canine
Now, with the TON token falling, analysts and merchants are specializing in Bitcoin Dogs Worth, which is beginning to achieve momentum amongst crypto merchants.
The value carried out simply as most analysts anticipated. More often than not, cryptocurrencies drop sharply after they start buying and selling as many presale consumers start promoting. This was the case with Bitcoin Canine, which raised over $13.5 million in its token sale.
The token has a number of potential catalysts that may push its worth increased within the coming weeks. First, it has develop into considerably cheaper because it was buying and selling at $0.02456 from a excessive of $0.12 this week. This makes it extra enticing to contrarian buyers who consider it is going to bounce again.
Second, Bitcoin Canine are prone to profit when rates of interest start to fall in September. Fed chief Jerome Powell has confirmed {that a} charge minimize is coming quickly. If this occurs, analysts anticipate the Fed to make three cuts this yr and the pattern to proceed in 2025.
A charge minimize by the Fed is nice for dangerous belongings like crypto, as we noticed in 2020 when the Fed was reducing again charges because of the COVID-19 pandemic. At the moment, many cryptocurrencies like Dogecoin and Shiba Inu went mainstream and Bitcoin reached its all-time excessive of $69,000.
Third, Bitcoin Canine builders have so much in retailer, together with rising its ecosystem by way of extra trade listings and new product launches. For instance, they plan to take a position extra in key areas reminiscent of NFTs and staking.
Traditionally, we have now seen many meme cash crash after which bounce again. For instance, Pepe crashed badly in 2023 and has now bounced again by over 1,600% from its lowest level on file. Be taught extra about Bitcoin Canine Here,
