Toncoin Did Not React to Telegram Profit News: Pavel Durov's Comments
Date: 2024-12-24 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The price of Toncoin, which previously actively responded to events around Telegram and its founder Pavel Durov, increased by only $0.04, from $5.42 to $5.46. The network's other popular tokens also showed minimal changes, not exceeding 1%.
According to Pavel Durov, 2024 has become a landmark year for Telegram. For the first time in three years, the project has become profitable, with total revenue exceeding $1 billion and reserves of more than $500 million, not counting crypto assets. The main sources of income are the growth in the number of paid subscribers and advertising. The number of Telegram Premium users has tripled, reaching 12 million.
Toncoin is the native token of the TON blockchain, closely associated with Telegram. History shows that its price has been sensitive to both positive and negative events. For example, the integration of TON Wallet into Telegram in 2023 brought the token into the top 10 cryptocurrencies by capitalization. However, the arrest of Pavel Durov in August 2024 led to a 15% drop in the TON price, and it lost its position in the top ten largest cryptocurrencies.
Today, TON ranks 13th by capitalization with a total volume of $13.8 billion. Its historical maximum was recorded in June 2024 at $8.25, when the TON blockchain gained popularity due to the influx of users of the Notcoin and Hamster Kombat tapalok apps.
However, the popularity of these apps turned out to be temporary. The rates of their native tokens have fallen sharply: Notcoin has fallen by 77% in six months, Hamster Kombat by 62% in three months. This disappointment of users has also affected the price of TON. Experts emphasize that the success of such projects depends on user retention and the creation of new opportunities.
The situation worsened in the summer, when Durov's arrest led to a decrease in the total value locked (TVL) of the TON ecosystem from $500 million to $350 million in just two weeks. Analysts predicted a decrease in TON's dependence on Telegram, but acknowledged that the messenger's audience remains key to the ecosystem.
After his arrest, Durov was charged with refusing to cooperate with law enforcement. Telegram changed its policy, allowing users to report illegal content in private groups.
Durov noted that 2024 was proof that social networks can be financially sustainable while remaining independent and respecting users' rights.
