TON network activity surged following the arrest of Telegram founder Pavel Durov by French authorities on August 24, 2024. This article examines the impact of the event on the network and market.
Pavel Durov's Arrest
On August 24, 2024, Telegram founder Pavel Durov was arrested by French authorities. This event garnered significant attention to the TON network, leading to a sudden spike in network activity.
Surge in TON Network Activity
Following Durov's arrest, TON network activity skyrocketed. The 7-day moving average (7DMA) of daily transactions reached a new all-time high. On August 31, the network recorded 8.68 million transactions, surpassing the previous record of 8.56 million from January 17. Over the past week, the figure continued to climb, reaching over 10 million transactions by Friday—an increase of more than 160% since Durov's arrest. Additionally, a new record number of active addresses was observed, reaching 701,800, a 6% increase compared to the previous week.
Market Reaction
In contrast to the network activity, the price of the TON token did not perform well following Pavel's arrest. The token is down over 30% since the incident, with roughly 20% of that drop occurring in the three hours following the arrest. Poor general market conditions may have contributed to this downturn as well.
In conclusion, the arrest of Pavel Durov led to a substantial increase in TON network activity despite the token's falling value. These metrics highlight how external events can significantly impact the ecosystems of crypto projects.
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