In an unexpected turn of events, Tornado Cash (TORN) has seen a significant increase in both its token price and total value locked (TVL), despite a broader crypto market downturn. Over the past 24 hours, TORN’s price has surged by 11.8%, bringing it to $3.36 at the time of writing. Earlier today, it even reached an intraday high of $3.39.

Market Cap and Trading Volume Soar

This price rally has boosted TORN’s market cap beyond the $17 million mark. Daily trading volume has also seen a spike, reaching $51,000. This growth places TORN as the 957th-largest cryptocurrency in the market.

According to data from Defi Llama, the TVL in the Tornado Cash protocol has risen by 7% in the past day, now standing at $614.18 million. This is the highest level recorded since May 2022. A significant portion of this increase comes from a $41.63 million inflow in USD today. Wrapped Ethereum (WETH) holds the largest token allocation within the protocol.

Historical Context: Peaks and Troughs

Despite the recent rally, TORN’s current price is still a far cry from its all-time high of $437.41, reached on February 13, 2021. The token hit an all-time low of $1.31 just five months ago, on January 10, highlighting the volatile nature of the cryptocurrency market.

Tornado Cash faced a significant setback in August 2022 when the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform for alleged involvement in money laundering activities. The situation worsened with the arrest of its founder, Alexey Pertsev, in the Netherlands shortly after the sanctions were announced.

Community Support for Developers

Despite these challenges, the Tornado Cash community has shown resilience. Recently, Ethereum co-founder Vitalik Buterin donated 30 ETH to the Juicebox campaign “Free Alexey & Roman,” expressing solidarity with the Tornado Cash developers and advocating for their release.

The recent surge in Tornado Cash’s token price and TVL demonstrates the protocol’s enduring appeal and the community’s robust support, even in the face of legal and regulatory hurdles. As the broader crypto market remains in a bearish phase, Tornado Cash’s performance stands out as a notable exception.