Durov's hand-drawn "Resistance Dog" is back in the spotlight, and the MEME coin REDO has surged by over 250%.

By Nancy, PANews

After Telegram and TON founder Pavel Durov was arrested in France, the TON ecosystem suffered a setback. The official launched a protest movement called "Resistance Dog," which received support from various parties and also led to a surge in the market value of the related MEME coin REDO. Despite Durov still facing many uncertainties in legal adjustments, the spirit of resistance represented by REDO is igniting community resonance.

Durov's hand-drawn "Resistance Dog" is back in the spotlight, and the MEME coin REDO has surged by over 250%

After Durov was arrested and investigated in France, the TON official account updated both CoinGecko and social media badges to "Resistance Dog" and called on everyone to change their avatars to Resistance Dog in order to join the global digital protest movement for Digital Resistance and Free Durov.

Subsequently, this movement received participation and support from various sectors, including Steve Yun, chairman of the TON Foundation, who changed his Twitter avatar to the Resistance Dog badge, and Binance also updated some pages with the TON logo. Musk also released a video with the Free Pavel tag to once again support Durov.

Resistance Dog is a dog wearing a hoodie, and it is also the embodiment of Durov, a liberal, who has appeared multiple times. For example, as early as 2011, when Russian security agencies demanded that Durov's social networking site VK shut down pages related to Russian protest activities, Durov responded with a photo of a dog sticking out its tongue while wearing a hoodie to express his protest. This also became the opportunity for Durov to create Telegram to defend personal freedom and privacy.

It is reported that Resistance Dog was hand-drawn and named by Durov in 2018, symbolizing the struggle to defend personal privacy, information security, and freedom through digital resistance. It is the unofficial mascot of Telegram, aiming to uphold user privacy and protect freedom of speech.

The MEME coin REDO was born in January this year, and its popularity has surged again due to Durov's arrest. Dex Screener data shows that the market value of REDO once exceeded $95.7 million, with a trading volume of $17 million in the past 24 hours. Since August 25, REDO has surged by nearly 254.5%. However, looking at the price trend since its launch in January this year, the current price of REDO has dropped by over 46.8% from its historical peak.

Market value and TVL have shrunk significantly, and many have disclosed increased holdings of TON in support

Regarding Durov's arrest, the French authorities will issue a statement today (August 26). According to French media reports, Durov may face charges related to the operation of Telegram and the platform's lack of censorship. After Durov's arrest, the Russian embassy has contacted the French authorities to request a meeting with Durov and clarify the details of his detention. Some Russian officials have called this arrest an indirect hostile act against Russia.

Telegram responded on its official X platform account, stating that Telegram complies with EU laws, including the Digital Services Act, and its moderation meets industry standards and is constantly improving. The platform stated that Durov has nothing to hide and frequently travels in Europe. The claim that "a platform or platform owner should be responsible for abuse on the platform" is absurd. Nearly a billion users worldwide use Telegram as a means of communication and an important source of information, and the team is waiting for a swift resolution of the situation.

However, due to the ongoing escalation of Durov's arrest, the TON ecosystem has been impacted. CoinGecko data shows that since August 25, the circulating market value of TON has shrunk by a maximum of $3.77 billion and has temporarily dropped out of the top ten in market value rankings. At the time of writing, the TON price has risen slightly by about 9.2% from its low point. Additionally, DeFiLlama data shows that TON's TVL has dropped by over 37% in a single day to $320 million and has now risen to $390 million.

In response, many crypto leaders have made significant purchases of tokens to show their support. For example, Andrei Grachev, a partner at DWF Labs, stated on the X platform that although there is not much that can be done, he has decided to provide support to the best of his ability. He has purchased approximately $500,000 worth of TON tokens on the open market and will hold them on-chain until Pavel Durov is released. This is not financial advice, but a way to support decentralized technology. The Memeland team announced on Twitter that they have used $1 million from the team's treasury to buy TON on the open market and will hold it until Durov is released. Zhu Su, co-founder of Three Arrows Capital, also posted on social media that he bought TON tokens at an average price of $5.8.

Regarding the future direction of TON, Richard Galvin, co-founder of the hedge fund DACM, which participated in the TON private placement round, stated in an interview with Bloomberg that it is "too early" to judge what long-term impact Durov's detention will have on Telegram. The weekend market reaction "temporarily factored in this uncertainty into the TON price."

CoinTelegraph reported that some technical and market factors indicate that TON may experience a significant rebound in the coming weeks, similar to what happened with BNB. When news of legal disputes emerges, market panic selling is likely because traders are eager to protect their investments from potential impacts. However, once the initial shock subsides, the market will reevaluate the situation more rationally, and the same psychological pattern may also occur with TON.

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