Toncoin, the native cryptocurrency of The Open Network (TON), experienced a significant surge of 20% following news that Telegram founder Pavel Durov was granted permission to leave France.

French authorities had detained Durov in August 2024 on allegations related to Telegram's purported failure to prevent illicit activities on its platform. After several months under investigation, an investigating judge granted Durov permission to leave France temporarily, allowing him to travel to Dubai.

The market reacted swiftly to this development. Toncoin's open interest (OI)—the total number of unsettled derivative contracts—jumped 67% over the past 24 hours, reaching $169 million. This surge in OI indicates heightened market activity and investor interest in Toncoin.

The price of Toncoin also saw a notable increase, trading at $3.45 at the time of publication, reflecting a 17% rise over the same 24-hour period.

Analysts suggest that Durov's relocation to Dubai, a city known for its Crypto-friendly environment, could provide new opportunities for the TON ecosystem. Investors view this move as a positive sign for the cryptocurrency's future growth and wider adoption.

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However, some caution that while the immediate market response is positive, the long-term trajectory of Toncoin will depend on various factors, including regulatory developments and the broader adoption of The Open Network's technology.