Cryptocurrencies associated with social messaging giant Telegram rallied sharply after founder Pavel Durov issued his first public statement since his controversial arrest in France last month.
What happened: Toncoin, the native token of The Open Network (TON), jumped more than 5% in the last 24 hours, with its trading volume rising by 16.18%.
Toncoin, developed by Pavel Durov and his brother Nikolai, is deeply integrated into the Telegram app and used for paying rewards to creators and developers and buying Telegram ads.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:15 p.m. EDT) |
| DOGS (CRYPTO: DOGS) | +6.27% | $0.001083 |
| Toncoin (CRYPTO: TON) | +5.64% | $4.86 |
| Notcoin (CRYPTO: NOT) | +4.38% | 0.00761 |
Similarly, a memecoin recently launched on the TON network, DOGS, soared over 6%, becoming the cryptocurrency market's second-highest gainer in the 24-hour period.
Furthermore, the native currency of Notcoin, Telegram's in-app Web3 game, rose by 4.38%.
In effect, DOGS, TON, and NOT were the second, third, and fourth-best performers in the market in the last 24 hours.
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Why It Matters: The rally came after Durov broke silence on his widely criticized arrest by French authorities last month.
"I'm still trying to understand what happened in France. But we hear the concerns. I made it my personal goal to prevent abusers of Telegram's platform from interfering with the future of our 950+ million users," the Russian-born French national said.
Durov was detained amid an investigation into crimes related to child pornography, drug trafficking, and fraudulent transactions on the popular social messaging platform.
Image Courtesy: Shutterstock.com
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