Toncoin Reaches New Heights In Daily Active Addresses, Will It Impact TON’s Price?
August 22 2024 - 2:00AM
NEWSBTC
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
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