As a seasoned crypto investor with over a decade of experience in the digital currency market, I find myself intrigued by the recent surge of Toncoin (TON). Having witnessed the rise and fall of numerous coins, I must admit that the resilience and rapid growth of TON are captivating. The record-breaking 946 active addresses per day on its Masterchain is a testament to its expanding ecosystem and growing user base, which bodes well for its future potential.
As an analyst, I’m excited to report that the daily activity on Toncoin (TON), the digital currency linked with Telegram’s platform, has reached an all-time high of 946 active addresses, a significant milestone indeed. This surge in usage has propelled Toncoin’s value by approximately 9%, making it a standout performer amidst the general market’s declining trend.
According to Maartunn, an analyst at CryptoQuant Research, it’s been observed since July 2021 that the number of active addresses on the TON Masterchain has increased more than seven times. This significant rise suggests a surge in blockchain adoption, leading to a higher volume of transactions and overall network activity.
User Activity Boosts Toncoin Demand
The increasing number of active addresses indicates that the TON ecosystem is consistently growing and evolving. This expansion facilitates a wider variety of decentralized applications (dApps) and work chains, demonstrating robust and thriving blockchain development.
Because of an abundance of incoming requests, there’s been a rise in the desire for TON coins. An increase in overall network activity often influences the overall financial state of the TON blockchain, typically leading to a hike in token worth.
As an analyst, I’d like to clarify that the number in question represents activity solely on the Master chain, even though it might appear relatively low at 946 daily active addresses. It’s essential to understand that the TON blockchain operates with several sidechains, known as workchains, which primarily manage data operations. The Masterchain, however, is primarily concerned with processing messages and transactions rather than storing data.
The data indicates an escalating curiosity towards the TON network, since heightened user and developer engagement often boosts the desire for TON tokens.
TON Price Outlook
Currently, Toncoin (TON) is experiencing a 2.8% decrease, currently valued at $6.67. Following this price decline, trading volume has decreased by approximately 23%, amounting to around $227 million. As the eighth largest cryptocurrency, Toncoin boasts a market cap of $16.8 billion.
Experts closely watch the $7 threshold for Toncoin, a significant level of support. If Toncoin exceeds this point, it might maintain its bullish trend. Studying the potential 26% increase in TON over the next fortnight could hint at a year-end rise surpassing 400%. But if the price drops below $6.43, it may decrease, testing support near $6.04.
Based on analysis by IntoThe Block, it’s been reported that the TON network now boasts over 39.5 million user accounts. This significant achievement underscores its increasing appeal and robust infrastructure, drawing interest from both institutional and individual investors.
In simple terms, the futures market associated with TON isn’t showing a favorable upward trend right now. Traders who deal in futures are seeking opportunities to make short bets. Data from Coinglass indicates that the funding rate for this coin has predominantly been negative across various exchanges during this month.
Over the past day, the value of TON fluctuated from $6.74 to $6.93. Despite some apprehension in the market, investors are keeping a close eye for indications suggesting a possible uptrend could be on the horizon.
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2024-08-22 09:04