Here below is a statement from Toncoin that despite the arrest of Telegram’s CEO, the memecoin is still making headways. Read below the surge TON made in the last 24 hours. It shows that good things can happen at any time, no matter how difficult it seems.

Toncoin, the native cryptocurrency of Telegram’s The Open Network Blockchain (TON) surged by 1.5% in the last 24 hours after dipping by nearly 20% following the arrest of Telegram CEO Pavel Durov.

Ton has recovered from the dip resulting from the arrest of its Key founder Pavel Durov in France surging by 1.5% at the time of report.

The Open Network via its X account released a statement on the arrest of its founder declaring their full support for their founder and urging the Ton Community to stand by the project and take a stand for free speech.

“ Following the recent news related to Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.

As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.

The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm and united, and to keep building as we navigate this situation together. Thank you for your continued support.”

The Toncoin [TON] network has been a dark horse in the cryptocurrency space and has surprised market participants with its quick growth.

Recently, the TON token attained an ATH (all-time high) of $7.3. After claiming the ATH, the price of TON fell by 4.79%.

On a short term basis, this correction may seem large. But on a long timeline, this correction wasn’t significant enough to change or break the trend established by TON.

Since the 1st of May, the price of TON grew materially. During this uptick in price, the price exhibited multiple higher highs and higher lows, indicative of a bullish trend.

Despite the decline in price, the CMF (Chaikin Money Flow) of TON remained high. This meant that there was still a significant amount of money flowing into TON.

Moreover, the RSI (Relative Strength Index) for also fell significantly, implying a loss of momentum for the TON token.

However, the RSI did not fall below the 50 level, indicating that there was some bullish momentum that still persisted.

Only time will tell whether TON surpasses its current ATH in the future. One major factor that could help TON see green in the future would be the performance of its network.

The recent involvement of Tether on Ton’s ecosystem helped the network significantly.

Tether steps in

Since Tether launched directly on the Ton network in April, the circulating supply of USDT saw a significant surge. It has ballooned to $580 million, reflecting a massive 76% growth in just one month.

This impressive jump in USDT has propelled TON to the forefront of stablecoin adoption, solidifying its position as the 6th largest network for USDT circulation.

Furthermore, the Ton network itself experienced a boom in user activity. Daily active users have skyrocketed by 300% during this same period, reaching an all-time high of 632,000.