Toncoin ($TON ) saw a sharp decline on August 24 following the arrest of Telegram founder Pavel Durov in France. The price dropped 27% to $5 and has struggled to recover, falling out of the top 10 cryptocurrencies. Despite this, Toncoin whales have been accumulating large amounts of the asset, potentially anticipating a positive catalyst such as Durov’s release. High-profile efforts to secure his release have so far been unsuccessful, with his detention extended for another 96 days. The UAE is also advocating for his release, citing his Emirati citizenship.

Recent whale activity suggests significant buying interest around the recent lows. Data from Santiment reveals that whales bought $3.29M to $3.48M worth of TON during the dip and continued accumulation in the days following. The increase in daily active addresses and transaction counts on August 26 further supports a bullish outlook, as high network activity often precedes price volatility and potential recovery. Additionally, the Market Value to Realized Value (MVRV) ratios for Toncoin have entered the oversold zone, historically indicating a potential buying opportunity.

The recent launch of Dogs (DOGS), another project by Durov, has also spiked interest in Toncoin. The DOGS airdrop caused significant network activity, leading to delays in transaction processing. This surge in activity, combined with whale accumulation and oversold MVRV levels, suggests that Toncoin may be poised for a rebound, depending on future developments related to Durov's situation and overall market conditions.