TON hits record transaction highs post-Durov arrest while token price plummets 30%
Quick Take
- The 7-day moving average (7DMA) of daily transactions on the TON network has increased by 160% since the Telegram founder was arrested.
- The following is an excerpt from The Block’s Data and Insights newsletter.
Following the arrest of Telegram founder Pavel Durov by French authorities on August 24, 2024, activity within the TON network has surged exponentially, with a sharp rise in network transactions and active addresses.
The 7-day moving average (7DMA) of daily transactions on the TON network has reached a new all-time high. The network saw an all-time high of 8.68 million transactions on Aug. 31, surpassing the previous record of 8.56 million from Jan. 17.
Throughout the past week, this figure has continued to increase, reaching upwards of 10 million transactions on Friday. This figure has now increased by over 160% since Durov was arrested.
The 7-day moving average (7DMA) of the daily number of active addresses on the TON network has also seen a record high. As of Friday, the TON network has seen about 701,800 active addresses. This represents a 6% increase compared to the previous Friday.
However, unlike the network activity, the price of the TON token itself has not responded well to Pavel’s arrest. The TON token is down over 30% since the incident.
While poor general market conditions may have played a role in this downturn as well, the effects of the arrest cannot be discounted as TON fell by roughly 20% in the three hours following the news.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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