Toncoin

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The detention of Pavel Durov, the founder and CEO of Telegram, increased the Toncoin selling pressure while large whales continued their accumulation. 
According to data provided by IntoTheBlock, 92% of the Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">TON</a>) supply is held by whales and investors holding over 0.1% of the asset’s 5.1 billion total supply. The remaining 8% of TON tokens are currently sitting in retail addresses, holding less than 0.1% of the total supply. 
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 <img loading="lazy" decoding="async" width="1567" height="337" src="https://crypto.news/app/uploads/2024/08/Screenshot-2024-08-26-130512.png" alt="Whales accumulated 13m TON while the price was falling - 23"> 
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 TON whale accumulation – Aug. 26 | Source: <a href="https://app.intotheblock.com/coin/TON/deep-dive?group=ownership&amp;chart=concentration" target="_blank" rel="">IntoTheBlock</a>
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Data shows that large TON holders accumulated 13.14 million tokens as the asset’s price plunged below the $6 mark — hitting a local bottom of $5.32 — on Aug. 25.&nbsp; 
The Toncoin price plunged 20% after Durov was <a href="https://crypto.news/pavel-durovs-arrest-france-toncoin-plunges-20-percent/" target="_blank" rel="noreferrer noopener">arrested</a> in France where he might face up to 20 years in prison. TON’s market cap suddenly decreased by $3.8 billion, making it fall from the eighth to 11th spot among leading cryptocurrencies. 
 You might also like: <a href="https://crypto.news/sol-fet-render-top-cryptocurrencies-to-watch-this-week/"> SOL, FET, RENDER: Top cryptocurrencies to watch this week </a> 
However, TON soon started to recover some of its losses as the crypto community started <a href="https://crypto.news/crypto-community-rallies-behind-telegram-founder-pavel-durov-on-heels-of-arrest/" target="_blank" rel="noreferrer noopener">showing support</a> for the Telegram founder.&nbsp; 
Toncoin is up by 2% in the past 24 hours and is trading at $5.62 at the time of writing. The asset’s market capitalization surpassed the $14 billion mark with a daily trading volume of $1.2 billion. 
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/TONUSDT_2024-08-26_13-22-35.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/TONUSDT_2024-08-26_13-22-35.png" alt="Whales accumulated 13m TON while the price was falling - 24"> 
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 TON price and RSI – Aug. 26 | Source: <a href="https://crypto.news/price/toncoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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Notably, <a href="https://crypto.news/ton-and-telegram-plan-to-bring-500m-users-to-web3-by-2028/" target="_blank" rel="noreferrer noopener">TON</a> briefly touched an intraday high of $5.93 earlier today but couldn’t hold longer due to increased selling pressure. 
Data shows that Toncoin is slightly oversold at this price point with a Relative Strength Index of 44. High price fluctuations could be normal for TON as fear surrounds the asset. 
 Read more: <a href="https://crypto.news/russias-central-bank-set-to-legalize-crypto-for-qualified-investors/"> Russia’s central bank set to legalize crypto for qualified investors </a>

Whales accumulated 13m TON while the price was falling

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