TON price slips after Telegram CEO arrest: traders focus on Bitcoin Dogs

The Toncoin value crashed onerous for the second consecutive day after authorities arrested Pavel Durov, the founder, CEO, and majority proprietor of Telegram. He was arrested in France and can doubtless be held for some time.

Telegram founder arrested

Pavel, who was not too long ago interviewed by Tucker Carlson, will doubtless be charged on a number of offences like fraud, cash laundering, and complicity. He may be charged with evading Russian sanctions since Telegram does a whole lot of enterprise within the nation. 

It’s nonetheless too early to find out the end result of the lawsuit and what to anticipate. Nonetheless, in an X put up, the TON Basis maintained its help of Pavel. Elon Musk additionally chimed in, sending an X put up with the hash tag #FreePavel. 

Immediately greater than ever, we see the necessity for freedom of speech and decentralization – two causes championed by @durov and core tenets of the TON ethos.

We’re assured that the TON and TG communities will emerge from this with larger power. #FREEDUROV

– TON Ventures

— TON_Ventures (@TON_Ventures) August 25, 2024

Tucker Carlson additionally expressed his help for Pavel. In a protracted X put up, he famous that Pavel left Russia when the federal government tried to censor Telegram. He additionally added that the arrest occurred in a Western nation and a NATO member.

Pavel Durov left Russia when the federal government tried to regulate his social media firm, Telegram. However ultimately, it wasn’t Putin who arrested him for permitting the general public to train free speech. It was a western nation, a Biden administration ally and enthusiastic NATO member,… https://t.co/F83E9GbNHC

— Tucker Carlson (@TuckerCarlson) August 24, 2024

Information of his arrest pushed Toncoin considerably decrease, reaching a low of $5.37, its lowest level since August 6 of this yr. It has now dropped by over 35% from its highest level this yr. 

Because it dropped, the token additionally moved beneath the 50-day and 200-day Exponential Shifting Averages (EMA), that means that bears are in management.

Focus turns to Bitcoin Canines

Now, with the TON token falling, analysts and merchants are specializing in the Bitcoin Canines value, which is beginning to achieve momentum amongst crypto merchants.

The worth has carried out as most analysts had been anticipating. In most intervals, cryptocurrencies drop sharply after beginning to commerce as most of the presale patrons begin promoting. That is the case for Bitcoin Canines, which raised over $13.5 million in its token sale.

The token has quite a few potential catalysts that may push its value increased within the coming weeks. First, it has grow to be considerably low cost because it was buying and selling at $0.02456, down from a excessive of $0.12 this week. This makes it extra engaging to contrarian traders who imagine that it’s going to bounce again. 

Second, Bitcoin Canines will doubtless profit when rates of interest begin falling in September. Jerome Powell, the pinnacle of the Fed, has confirmed that charge cuts are coming quickly. If this occurs, analysts count on that the Fed will ship three cuts this yr and proceed the pattern in 2025.

Fed cuts are good for dangerous property like crypto as we noticed in 2020 when the bak was slashing charges due to the Covid-19 pandemic. On the time, many cryptocurrencies like Dogecoin and Shiba Inu went mainstream and Bitcoin reached its all-time excessive of $69,000. 

Third, Bitcoin Canines builders have so much in retailer, together with extra alternate listings and the expansion of its ecosystem by means of new product launches. For instance, they plan to extra to key areas like NFTs and staking. 

Traditionally, we have now seen many meme cash crash after which bounce again. For instance, Pepe crashed onerous in 2023 and has now bounced again by over 1,600% from its lowest level on report. Be taught extra about Bitcoin Canines right here.