Toncoin Reaches New Heights In Daily Active Addresses, Will It Impact TON’s Price?

Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, is making headlines as its Masterchain achieves a record-breaking 946 active addresses per day. This achievement has driven a nearly 9% increase in Toncoin’s value, standing out in contrast to the broader market’s downward trend. Maartunn, an analyst at CryptoQuant Research, claims that since July 2021, the TON Masterchain’s active address count has skyrocketed more than sevenfold. This notable uptick points to growing blockchain adoption, which drives more transactions and general network activity. User Activity Boosts Toncoin Demand The rise in active addresses highlights how continuously the TON ecosystem is building. Expanding the network allows for more diverse distributed apps (dApps) and work chains, which shows healthy blockchain development. Related Reading: Toncoin Rally Thwarted As TON Slips To $6, Can Bulls Prevent A Bearish Breakdown? Due to extensive inflow, the demand for TON coins has increased. More network activity affects the general economic condition of the TON blockchain, which is usually linked to a surge in token value. It’s important to note that this number reflects activity on the Master chain alone despite the seemingly modest figure of 946 daily active addresses. The TON blockchain operates with multiple sidechains, named workchains, which handle most data management. The Masterchain primarily focuses on processing messages and transactions rather than storing data. This result shows a growing interest in the TON network, as increasing user and developer involvement usually stimulates the demand for TON tokens. TON Price Outlook The price of Toncoin (TON) is down 2.8% at the time of writing, trading at $6.67. Since the price drop, the trading volume has also dropped by 23% to about $227 million. Toncoin is the 8th largest cryptocurrency, with a market cap of $16.8 billion. Analysts pay close attention to the $7 level for Toncoin, a key support level. If Toncoin goes above this mark, it might keep bullish momentum. Examining the TON spike of 26% over the next two weeks can predict its yearly surge of more than 400%. However, if the price falls below $6.43, it could decrease, testing support around $6.04. According to IntoThe Block analytics, the TON network has surpassed 39.5 million addresses. This milestone highlights its growing popularity and strong network, attracting institutional and retail investors. Related Reading: Toncoin Rally Above 4-Hour 100-Day SMA Puts TON On The Path To $7.6 The derivatives market in TON is not trending positively. Futures traders are looking for short bets. Coinglass data shows the coin’s funding rate has been mostly negative across exchanges this month. In the last 24 hours, the price of TON rotated from $6.74 to $6.93. Although the market is still cautious, buyers are watching for signs that it might be starting to an upward trend. Featured image from ideogram, chart from TradingView.com

Aug 22, 2024 - 03:00

Toncoin Reaches New Heights In Daily Active Addresses, Will It Impact TON’s Price?

Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, is making headlines as its Masterchain achieves a record-breaking 946 active addresses per day. This achievement has driven a nearly 9% increase in Toncoin’s value, standing out in contrast to the broader market’s downward trend.

Maartunn, an analyst at CryptoQuant Research, claims that since July 2021, the TON Masterchain’s active address count has skyrocketed more than sevenfold. This notable uptick points to growing blockchain adoption, which drives more transactions and general network activity.

User Activity Boosts Toncoin Demand

The rise in active addresses highlights how continuously the TON ecosystem is building. Expanding the network allows for more diverse distributed apps (dApps) and work chains, which shows healthy blockchain development.

Due to extensive inflow, the demand for TON coins has increased. More network activity affects the general economic condition of the TON blockchain, which is usually linked to a surge in token value.

It’s important to note that this number reflects activity on the Master chain alone despite the seemingly modest figure of 946 daily active addresses. The TON blockchain operates with multiple sidechains, named workchains, which handle most data management. The Masterchain primarily focuses on processing messages and transactions rather than storing data.

This result shows a growing interest in the TON network, as increasing user and developer involvement usually stimulates the demand for TON tokens.

TON Price Outlook

The price of Toncoin (TON) is down 2.8% at the time of writing, trading at $6.67. Since the price drop, the trading volume has also dropped by 23% to about $227 million. Toncoin is the 8th largest cryptocurrency, with a market cap of $16.8 billion.

Analysts pay close attention to the $7 level for Toncoin, a key support level. If Toncoin goes above this mark, it might keep bullish momentum. Examining the TON spike of 26% over the next two weeks can predict its yearly surge of more than 400%. However, if the price falls below $6.43, it could decrease, testing support around $6.04.

According to IntoThe Block analytics, the TON network has surpassed 39.5 million addresses. This milestone highlights its growing popularity and strong network, attracting institutional and retail investors.

The derivatives market in TON is not trending positively. Futures traders are looking for short bets. Coinglass data shows the coin’s funding rate has been mostly negative across exchanges this month. Toncoin

In the last 24 hours, the price of TON rotated from $6.74 to $6.93. Although the market is still cautious, buyers are watching for signs that it might be starting to an upward trend. Toncoin