Toncoin's Value Skyrockets 75% Following Pavel Durov's Exit

TONcoin Open Interest Surges as Telegram Founder Pavel Durov Weighs In

The open interest in TONcoin, the native cryptocurrency of the Telegram Open Network (TON), has seen a significant surge in recent days, according to data from cryptocurrency derivatives exchange, Binance.

As of this morning, the open interest in TONcoin futures contracts on Binance has reached a new all-time high of over $1.5 billion, with the majority of the contracts being held by institutional investors.

The surge in open interest comes as Telegram founder Pavel Durov has been vocal about his support for TONcoin, stating that the cryptocurrency will play a key role in the company's plans to create a decentralized social network.

Durov, who has been a vocal critic of the traditional financial system, has been touting the benefits of TONcoin as a decentralized and censorship-resistant alternative to traditional fiat currencies.

In a recent tweet, Durov stated, "TONcoin is not just a cryptocurrency, it's a tool for creating a decentralized economy. It's a way for people to take control of their financial lives and not be at the mercy of governments and corporations."

The surge in open interest in TONcoin futures contracts is seen as a sign of growing institutional interest in the cryptocurrency, which has been trading at around $0.50 per coin in recent days.

The TON network is a decentralized platform that allows users to create their own blockchain-based applications, and TONcoin is the native cryptocurrency that powers the network.

The surge in open interest in TONcoin futures contracts comes as the cryptocurrency market continues to experience volatility, with many investors looking for alternative investment opportunities.

As the cryptocurrency market continues to evolve, the surge in open interest in TONcoin futures contracts is seen as a sign of growing institutional interest in the cryptocurrency, and could be a sign of things to come for the TON network.