Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, is making headlines as its Masterchain reaches a record 946 active addresses per day. This achievement has driven an almost 9% increase in Toncoin’s value, bucking the downward trend of the broader market.
Maartunn, analyst at CryptoQuant Research, claims that since July 2021, the number of active TON Masterchain addresses has skyrocketed more than sevenfold. This remarkable uptick points to the growing adoption of blockchain, which is driving More transactions and overall network activity.
User activity drives demand for Toncoin
The increase in active addresses highlights the continued development of the TON ecosystem. The expansion of the network allows for the existence of more diverse distributed applications (dApps) and work chains, which demonstrates the healthy development of the blockchain.
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Due to the large influx, the demand for TON coins has increased. Increased network activity affects the overall economic condition of the TON blockchain, which is usually linked to an increase in the value of tokens.
It is important to note that this figure reflects activity on the Master chain alone, despite the seemingly modest figure of 946 daily active addresses. The TON blockchain operates with multiple sidechains, called worker chains, which handle the bulk of data management. The Master chain primarily focuses on processing messages and transactions rather than storing data.
This result shows a growing interest in the TON network, as increasing participation of users and developers generally stimulates demand for TON tokens.
TON Price Outlook
The price of Toncoin (TON) is down 2.8% at the time of writing and is trading at $6.67. Since the price drop, trading volume has also dropped 23% to around $227 million. Toncoin is the eighth largest cryptocurrency with a market cap of $16.8 billion.
Analysts are paying close attention to the $7 level for Toncoin, a key support level. If Toncoin breaks above this mark, it could maintain the bullish momentum. Looking at TON’s 26% rise over the next two weeks, one can predict its yearly increase of over 400%. However, if the price falls below $6.43, it could decline, testing the support around $6.04.
According to IntoThe Block analyticsThe TON network has surpassed 39.5 million addresses. This milestone highlights its growing popularity and robust network, which attracts institutional and retail investors.
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The TON derivatives market does not show a positive trend. Futures traders are looking for short positions. Coinglass Data shows that the coin’s funding rate has been mostly negative on exchanges this month.
Over the past 24 hours, the price of TON has moved from $6.74 to $6.93. Although the market remains cautious, buyers are on the lookout for signs that an uptrend could be starting.
Featured image of ideogram, chart from TradingView.com
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