Telegram tokens weaken as odds of Pavel Durov’s immediate release dip

Telegram-based digital tokens saw notable dips after Pavel Durov’s weekend arrest. Further details confirm the investigating magistrate extended Durov’s detention beyond Sunday night.

With the Telegram founder facing a potential 20-year jail time cryptos linked to the messaging application, plunged substantially.

The CEO of Telegram was just arrested for not following censorship laws in France

He's facing 20 years in prison

— Jake Shields (@jakeshieldsajj) August 24, 2024

Toncoin led the downside with a sharp 20% slide, while tap-to-earn assets Notcoin and PAAL AI lost up to 15%.

Moreover, Polymarket shows the chances of Pavel Durov’s release by August 31 have significantly declined.

Amidst the developments, the crypto community ponders whether these tokens will recover and regain their initial appeal.

TON signals further decline

Toncoin targeted levels beyond the $7 mark before the 24 August bearish wave slumped it from $6.85 to $5.38 within 24 hours.

TON changes hands at $5.73 at press time, and a 20% dip in daily trading volume highlights the altcoin’s bearish stance.

The altcoin will likely react to any development associated with the Telegram founder’s arrest. Furthermore, the TON community has confirmed support for Pavel Durov during the legal battle.

As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.

Notcoin reflects struggle

NOT bulls targeted $0.012 on August 22 as the altcoin reclaimed $0.010. However, Durov’s arrest dented these hopes and triggered a notable decline for the alt.

Notcoin trades at $0.009639 after plunging beneath a descending trendline. Price charts show NOT’s dip resulted from the sudden plunges that followed France’s legal move.

Further, the Bull Bear Power plunged to the negative area, confirming seller dominance in the market. That suggests more declines for NOT prices.

Also, the liquidation map suggests a potential downward continuation for NOT. The chart indicates price regions where massive liquidations could occur.

Prices fluctuate towards a high liquidity concentration level. For NOT, this level is at $0.0090.

PAAL AI halts its rally

PAAL AI faces a similar fate as Notcoin and remains primed for more dips. The alt has tried to reclaim $0.23 before updates of Durov’s detention surfaced.

Meanwhile, the legal developments halted the expected rally and sent PAAL’s price to its current lows. The alt traded downward, hovering at $0.2023 at press time.

PAAL AI displays bearish dominance as the daily trading volume dived 30%. Durov’s continued legal woes could send the alt toward the $0.15 low.

Odds of Pavel Durov going free this month

While the cryptocurrency community supported Durov during the legal challenges, Polymarket bettors gave the Telegram founder a narrow chance of going free soon.

The odds of investigators releasing Durov from custody have dipped from yesterday’s 50% to 27%%.

That could mean prolonged bearishness for Telegram-linked digital assets before potential recoveries.

Enthusiasts will likely follow the ongoing legal battle between the messaging app and French watchdogs and the impact on related cryptos.

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