The Open Network (TON), a blockchain project closely associated with the popular messaging app Telegram, has demonstrated its support for founder Pavel Durov following his arrest in France over the weekend. In a symbolic move of defiance, TON updated its logo and social media profile pictures to feature the Resistance Dog, a global symbol representing the fight against censorship and the promotion of digital freedom. This movement, initiated by Durov himself, aims to safeguard data privacy and ensure freedom of speech for Telegram users.
This show of solidarity coincided with a remarkable surge in the value of a memecoin, Resistance Dog REDO/USD, which pays tribute to the movement. According to CoinGecko, REDO saw a 150% increase in value over the past 24 hours.
Interestingly, this spike in REDO’s price occurred alongside a sharp decline in Toncoin’s (TON/USD) value. TON, deeply integrated with Telegram, experienced a more than 20% drop after Durov’s arrest, wiping out nearly $3 billion from its market capitalization. While Toncoin has experienced a 14.80% decline over the last seven days, the recent drop highlights the potential impact of Durov’s arrest on the project.
Durov, a Russian-French billionaire, was apprehended on Saturday while traveling on his private jet. The arrest is tied to an ongoing French police investigation focused on Telegram’s lack of moderation, which has reportedly allowed criminal activity to persist on the platform.
At the time of writing, TON was trading at $5.80, showing a 0.58% increase over the past 24 hours, according to data from Benzinga Pro. This recent uptick suggests a potential rebound in TON’s value despite the negative impact of Durov’s arrest.
