As a seasoned analyst with over two decades of experience in the tech and finance industries, I must admit that the growth trajectory of The Open Network (TON) has been nothing short of intriguing. Despite the recent setbacks and challenges, TON’s resilience and capacity to bounce back have left me quite impressed.
In contrast to certain recent hurdles, the Open Network (TON), a blockchain closely associated with the Telegram messaging platform, has persistently demonstrated remarkable outcomes. This is evident as data from TON Scan indicates that the network has surpassed one billion transaction processing milestone.
This success follows closely after two significant disruptions experienced by the network, which occurred following a memecoin distribution event.
TON’s Rapid Growth Continues Despite Challenges
According to the data, transaction volumes have surpassed 1.02 billion. What’s particularly impressive is that TON has experienced rapid growth over the past few months. In fact, an astonishing half of these transactions were completed just in the last three months.
It appears that users are increasingly interacting with the network. It’s important to mention that Telegram’s integration has significantly contributed to TON‘s development up until now.
As a researcher, I’ve observed an intriguing trend in the digital landscape. With almost a billion users globally, Telegram has become a significant player. Remarkably, the TON platform has effectively leveraged this vast user base, leading to the impressive blockchain activity we’re witnessing today.
Additionally, some recent advancements have contributed to the expansion of this network. For example, in August, TON Core and Tonkeeper unveiled the W5 smart wallet standard. This upgrade allowed gasless transactions on the TON blockchain using USDT as fees, making it easier for more people to use, which seems to be a major factor in its recent growth spurt.
Beyond the tech details, it’s worth noting that TON has seen substantial investment recently. Notably, in May, Pantera Capital made an investment in The Open Network, anticipating they could leverage Telegram’s vast user base to foster broader cryptocurrency acceptance.
As an analyst, I find myself intrigued by the impressive financial might that TON appears to possess. This strength could very well propel them towards becoming a key player in the Web3 arena. The potential is vast, as evidenced by a recent report from crypto exchange Bybit suggesting they could metamorphose into a “SuperApp” akin to WeChat, showcasing remarkable growth opportunities.
Toncoin Struggles amid Market Uncertainty, Are There Any Hopes?
As the TON blockchain performs well, its associated coin, Toncoin (TON), has shown significant price volatility. After prolonged selling pressure, Toncoin’s value has been steadily decreasing. Unfortunately, the situation worsened when Telegram CEO Pavel Durov was arrested on Saturday, causing a sudden 25% plunge in TON’s price.
It’s become clear, as anticipated, to investors. Now, they are both careful and intrigued about the potential future of their assets in the immediate term.
Expert opinions have been shared about this topic, with many pointing out that TON is currently in a correction phase. Notably, one well-known analyst, AlienOvichO, predicts a potential 30% decrease from TON’s current prices. This analyst suggests that TON has breached its crucial support level at $5.73 and has developed a commonly recognized bearish pattern on the charts, which usually indicates the start of a decline trend.
Despite the hopeless forecast, Toncoin is not backing down. As of publication, it was seen trading at $5.28, up 2.57% in the past 24 hours.
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2024-09-03 12:09