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 Price Takes 5% Dip Amidst Suspension - EconoTimes)
Spain's High Court ordered the suspension of Telegram, prompting a 5% drop in Toncoin's value.
Spain Joins Global Trend: High Court Orders Temporary Suspension of Telegram App
Telegram services in Spain have been temporarily suspended following a High Court order. The move follows complaints from Spanish media companies that Telegram allowed users to upload media content without permission. As a result, Toncoin's (TON) price fell by 5% in just hours.
According to Reuters on March 23, the Spain High Court ordered the temporary suspension of messaging app Telegram in the country following complaints from media companies about content distribution.
Media companies such as Atresmedia, EGEDA, Mediaset, and Telefonica claimed that Telegram allowed users to upload content without permission. Judge Santiago Pedraz approves a temporary ban on Telegram services while the arguments are investigated.
According to competition watchdog CNMC, Telegram is the fourth most popular messaging service in Spain. The company has over 700 million monthly active users worldwide.
Following the recent court order, Spain has joined the exclusive club of countries that have blocked the messaging, including North Korea, China, Iran, and Pakistan.
Toncoin's Volatility: Initial Plunge Followed by Resilient Recovery Amidst Telegram's Developments
Coingape reported that Toncoin, a decentralized blockchain developed by Telegram, saw its native token price plummet following the announcement. Despite positive developments surrounding Telegram's IPO and bond sales, which raised $330 million, the price fell by more than 5%.
The TON price has risen 10% in the last 24 hours and 27% in the past week. The current trading price is $4.76, with a 24-hour low of $4.16 and a high of $5.15. Furthermore, trading volume has increased by 140% in the last 24 hours, indicating a surge in interest among traders.
Toncoin prices have skyrocketed following the $115 million TON distribution announcement and the launch of Telegram's advertising platform. Investors are responding to the prospect of increased Toncoin adoption within Telegram's ecosystem, fueled by the promise of advertising revenue and the platform's growing reach.
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