RevenueBot Crypto News Monthly Recap, August 2024 Edition

As the month of August is about to end, it’s high time to catch up on some of the most buzzworthy news over the past month.

Telegram CEO Pavel Durov arrested in France

On August 24, the founder and the owner of the Telegram messaging app Pavel Durov was immediately taken into custody as he flew into France. He was allegedly reported wanted while on the flight when Pavel himself couldn’t be in any way informed of it.

Durov is facing the preliminary charges as follows:

Complicity in managing an online platform to enable illegal transactions;
Complicity in aiding in the possession and distribution of materials with sexual content involving minors;
Complicity in aiding drug traffickers;
Complicity in aiding fraudsters;
Complicity in breaching France’s laws restricting the provision of cryptographic services;
Complicity in refusing to provide the French authorities with information or documents necessary for arrest.

4 days later, on August 28, Durov was released on €5 million bail but banned from leaving The French republic. Between the moment Pavel was taken to court and the time he was freed after paying the deposit required, Toncoin’s ($TON) price hovered in the $5 to $6 range.

Despite the fact that Durov is not officially involved with the TON Foundation, he has been openly supporting the project. Quite possibly, he kept financing this organization far from prying eyes.

The thing is right now Pavel is basically the only public figure representing both Telegram and TON. Many people believe that if it wasn’t for him, both startups wouldn’t gain such popularity.

At the moment, CEO Telegram has only two options:

Leave the French government in any way whatsoever;
Wait for the official charges to be announced so as to begin the long intense battles with the courts.

While the first option will definitely trigger $TON to soar, the second one is not as clear-cut. In fact, the litigation may stifle TON’s growth rate, though it’s unlikely to choke it to death.

Who let the $DOGS out? New coin listed on exchanges

Trading for the TON-based token DOGS ($DOGS) kicked off as early as August 26. By far, the project’s market cap surged past $600m, while the total trading volume in the first hour skyrocketed to $420m, according to the data provided by CoinMarketCap.

The coin went public on various exchanges back on August 23 at 15:00 MSK (12:00 UTC). Starting from 11:00 MSK that same day, users were able to withdraw $DOGS to any wallets supporting the TON blockchain.

Once the said feature was made available, TON Foundation officials revealed they saw over 150,000 user requests per minute.

This proved to be a literally ‘stressing’ test of the project network’s capabality: during the very first day, the blockchain never generated blocks for 6 hours straight; on Day 2, it barely operated for 10 minutes. As of now, the developers calmed the situation.

$DOGS was given away totally free to all Telegram users. The reward amount varied depending on how old the user’s account is. You could also obtain tokens when completing simple tasks, purchasing Telegram Premium and collecting a daily bonus.

Tron’s new memecoin, SunPump, launched

Sun.io, a decentralized project driven by Tron founder Justin Sun, has rolled out a new platform dubbed SunPump. This platform empowers users to create memecoins running on the Tron blockchain.

It is reported by media outlets that SunPump is a would-be rival for Solana-based token generator, Pump.fun. What’s more, Pump.fun provides memecoin generation services – memecoins being on Solana, to be precise – and on August 13 it posted record monthly revenue of $28.73m.

The media note that such avenues suffer from a major disadvantage – it is scammers who use them to launch projects. Justin Sun responded by assuring that SunPump meticulously vets all the developers and their projects within the platform to make sure they meet “specific standards of integrity.”

On top of that, SunPump and TRON DAO teamed up to unveil the launch of their Meme Ecosystem Boost Incentive Program. The $10-million-fund program is designed to promote all the native tokens built on the platform.

Curious what there is to hear from RevenueBot?

See our Blog for a bunch of eye-catching updates:

Good luck in trading!