Many cryptocurrencies are facing a decline, but Toncoin (TON) shows resilience and price growth. This comes amid a $400 million investment influx.
Toncoin: Defying the Slump
According to data from IntoTheBlock, Toncoin turned out to be one of the biggest gainers of the day after rebounding from a prolonged downtrend. The recent plunge had left nearly 100% of TON holders at a loss in early March, but with a steady upswing, 10% of them are back in profit. Notably, around 1.1 million Toncoin left exchanges over the last day, indicating a return to accumulation by whales.
Pavel Durov's Pivotal Role
Pavel Durov, CEO of Telegram, recently highlighted that March was a successful month for The Open Network with $400 million in investments from major venture capital firms like Sequoia and Benchmark. TON has become a cornerstone of the creator economy on Telegram, serving as an exclusive withdrawal method and payment solution for ads.
Market Liquidation Analysis
Coinglass data shows that approximately $1.73 million worth of long and short bets on Toncoin price action were liquidated in the past 24 hours. Of these, $1.07 million were short positions, suggesting traders anticipated further declines, but fresh bullish activity helped it emerge from the downturn.
Toncoin shows resilience and growth in challenging market conditions, aided by substantial investment and support from Telegram, restoring its path to recovery despite the overall market downturn.
