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TON price slips after Telegram CEO arrest: traders focus on Bitcoin Dogs

The Toncoin price crashed hard for the second consecutive day after authorities arrested Pavel Durov, the founder, CEO, and majority owner of Telegram. He was arrested in France and will likely be held for a while.

Telegram founder arrested

Pavel, who was recently interviewed by Tucker Carlson, will likely be charged on multiple offences like fraud, money laundering, and complicity. He may also be charged with evading Russian sanctions since Telegram does a lot of business in the country. 

It is still too early to determine the outcome of the lawsuit and what to expect. However, in an X post, the TON Foundation maintained its support of Pavel. Elon Musk also chimed in, sending an X post with the hash tag #FreePavel. 

Tucker Carlson also expressed his support for Pavel. In a long X post, he noted that Pavel left Russia when the government tried to censor Telegram. He also added that the arrest happened in a Western country and a NATO member.

News of his arrest pushed Toncoin significantly lower, reaching a low of $5.37, its lowest point since August 6 of this year. It has now dropped by over 35% from its highest point this year. 

As it dropped, the token also moved below the 50-day and 200-day Exponential Moving Averages (EMA), meaning that bears are in control.

Focus turns to Bitcoin Dogs

Now, with the TON token falling, analysts and traders are focusing on the Bitcoin Dogs price, which is starting to gain momentum among crypto traders.

The price has performed as most analysts were expecting. In most periods, cryptocurrencies drop sharply after starting to trade as many of the presale buyers start selling. This is the case for Bitcoin Dogs, which raised over $13.5 million in its token sale.

The token has numerous potential catalysts that will push its price higher in the coming weeks. First, it has become significantly cheap as it was trading at $0.02456, down from a high of $0.12 this week. This makes it more attractive to contrarian investors who believe that it will bounce back. 

Second, Bitcoin Dogs will likely benefit when interest rates start falling in September. Jerome Powell, the head of the Fed, has confirmed that rate cuts are coming soon. If this happens, analysts expect that the Fed will deliver three cuts this year and continue the trend in 2025.

Fed cuts are good for risky assets like crypto as we saw in 2020 when the bak was slashing rates because of the Covid-19 pandemic. At the time, many cryptocurrencies like Dogecoin and Shiba Inu went mainstream and Bitcoin reached its all-time high of $69,000. 

Third, Bitcoin Dogs developers have a lot in store, including more exchange listings and the growth of its ecosystem through new product launches. For example, they plan to more to key areas like NFTs and staking. 

Historically, we have seen many meme coins crash and then bounce back. For example, Pepe crashed hard in 2023 and has now bounced back by over 1,600% from its lowest point on record. Learn more about Bitcoin Dogs here.

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Shiba Inu unveils plans for a Decentralized Autonomous Organization

  • Shiba Inu (SHIB) is launching a DAO to give holders a voice in governance.
  • The DAO will feature two councils: Charity and Culture & Heritage.
  • SHIB’s price is down 82.4% from its 2021 peak, despite growing real-world use.

Shiba Inu (SHIB), the leading meme coin and the 13th-largest cryptocurrency by market capitalization, is preparing to launch its own Decentralized Autonomous Organization (DAO).

Announced by the project’s marketing head “Lucie” on August 25 in a comprehensive post on X, this move marks a pivotal shift in the meme coin’s governance structure, empowering its community with a more significant role in shaping its future.

From a community-driven experiment to a major player in crypto

Shiba Inu, which began as a community-driven meme coin experiment in 2020, has evolved from a modest digital asset into a major player in the cryptocurrency landscape. Created by the enigmatic Ryoshi, Shiba Inu started with no clear purpose other than to test the possibilities of a token driven entirely by its community.

After Ryoshi relinquished control by burning the keys to the token’s supply, the project fell into the hands of volunteer Shytoshi, under whose leadership Shiba Inu has garnered global recognition and substantial market presence.

Introducing a governance model for SHIB holders

The forthcoming DAO will introduce a new governance model where SHIB holders will have a voice in the project’s future direction. This model aims to democratize decision-making within the Shiba Inu ecosystem, giving every holder, regardless of their stake size, a say in key initiatives.

The DAO will be guided by two primary councils: the Charity Council and the Culture & Heritage Council. These councils will oversee community-driven efforts such as charitable outreach and preserving the unique culture of the Shiba Inu community.

In addition to SHIB, other tokens in the Shiba Inu ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), will play roles in DAO governance.

BONE holders will focus on education and innovation, while LEASH holders will address inclusivity and transparency within the project.

Shiba Inu (SHIB) price performance

Despite Shiba Inu’s significant achievements, including its integration into everyday transactions through various merchant partnerships, the price of SHIB remains down 82.4% from its all-time high of $0.00008616 recorded in October 2021.

The meme coin’s price has also been affected by recent events, including a major hack of the Indian exchange WazirX, which resulted in substantial losses for SHIB holders.

At press time, SHIB was trading at $0.000015 up 13.8% over the last week as it tries to recover from the recent drop.

As Shiba Inu continues to adapt and expand, its move toward decentralized governance represents a major milestone in its journey from a community experiment to a leading cryptocurrency. The introduction of the DAO is set to enhance the token’s governance, utility, and impact, reaffirming Shiba Inu’s commitment to leveraging the power of decentralized initiatives.

The post Shiba Inu unveils plans for a Decentralized Autonomous Organization appeared first on CoinJournal.