The Toncoin price has recovered slightly following updates about the Telegram CEO’s arrest in France. According to reports, the popular messaging service is preparing to update its platform to give way to some moderation of private conversations.
The arrest of CEO Pavel Durov earlier this month sent Toncoin (TON) into a vicious downward spiral due to its close connection to Telegram. The coin shed over 10% in minutes and struggled to find support as the future of Telegram was put into question.
While the Toncoin price has recovered slightly, and it appears that the French authorities and Durov have found space for cooperation, the Infinaeon team has been adding to the platform’s layer-2 scaling capacity. This has allowed the project and its presale to continue to build momentum even as Toncoin and the broader crypto market were crashing.
This article will examine the recent Toncoin price action and the developments surrounding the Telegram CEO’s arrest. It will also explore the Infinaeon presale and analyze the project’s unique features that have captured the attention of the market.
Toncoin Price Recovers Slightly
Toncoin saw over $5 billion knocked off its market capitalization following the arrest of Durov. The token’s price crashed from $7 to well below $5 in a couple of days. This sudden crash came on the back of a very successful year for TON, which has seen it post gains of nearly 180% year-on-year.
Toncoin is the native cryptocurrency of the Toncoin blockchain, a project initially developed by the founders of the popular messaging app, Telegram. Though Telegram officially abandoned the project, it remains closely associated with the platform, and its price is often influenced by news related to Telegram and its leadership.
Although the TON chart still looks extremely bearish, it has received a much-needed boost in the past 24 hours. It has rallied by around 4%, pushing its price towards $5. However, the bounce may only be a short-term shift in sentiment. It appears that TON’s chart is now fully dictated by news about Durov and Telegram.
Toncoin Price Dictated by News Surrounding Telegram CEO Arrest
The latest news that appears to have boosted the TON price involves an update to the Telegram messaging service. According to a recent Coindesk article, Telegram has revamped its rules to allow for moderation of private chats.
Another valuable update came directly from Durov, who posted the following statement on X (formerly Twitter), “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 Infinaeon presale shows signs of crowning this project the king of layer-2s.
Infinaeon Presale Takes Centre Stage Despite Market Downturn
Even with all the Toncoin drama and bearish market sentiment, the Infinaeon team has continued to build their layer-2 scaling vision. Their work appears to be paying off, as the project has shown considerable resilience even as the fear and greed index has shifted to ‘extreme fear.’
Infinaeon aims to address the persistent scalability issues plaguing the Ethereum network. It envisions a future where transactions are fast, fees are low, and the user experience is seamless. By leveraging innovative technology and a unique economic model, Infinaeon strives to create a thriving ecosystem that benefits developers and users.
The project’s success during the presale, coupled with the team’s continuous efforts to deliver on their promises, suggests a positive trajectory for Infinaeon’s future. It indicates that even in a bear market, projects with strong fundamentals and a clear vision can attract investor interest.
Infinaeon’s Token Burn Mechanism Supercharges Presale Hype
The Infinaeon presale has partly been boosted by the network’s token burn mechanism. Some traders are convinced that this system will protect the token from the inflationary dynamics that have dampened the ability of other layer-2s like Arbitrum and Optimism to sustain their market value.
The token burn mechanism is designed to create scarcity and support the value of the Infinaeon token. A portion of the gas fees collected on the network is allocated to a smart contract, which then uses these funds to buy back Infinaeon tokens from the open market. These repurchased tokens are permanently removed from circulation, effectively reducing the total supply.
This deflationary approach has the potential to create upward pressure on the token’s price, as the decreasing supply could lead to increased demand. Moreover, it differentiates Infinaeon from many other projects that rely on inflationary tokenomics, which can lead to dilution and devaluation over time.
The token burn mechanism, combined with Infinaeon’s other unique features, such as auto-compounding staking and its innovative gas fee allocation system, has created significant excitement around the project’s presale. Traders see it as an opportunity to get in on the ground floor of a project that has the potential to disrupt the layer-2 space and offer a more sustainable and rewarding blockchain experience.
Join The Infinaeon Presale Now
Presale: https://presale.infinaeon.com/
Telegram: https://t.me/Infinaeon/
