Toncoin ‘tops’ the social charts! How can TON’s price benefit from it?

Toncoin rose to the top as the coin with the highest social and market activity in the last 24 hours
Worth evaluating whether these findings can influence TON’s short-term or long-term bullish prospects

As a seasoned analyst with over two decades of experience observing the crypto market, I’ve seen countless coins rise and fall, but Toncoin seems to be carving out its own unique path. The recent surge in social and market activity suggests that there might be renewed interest in this coin, which could potentially lead to an exciting phase of adoption and growth over the next few months.

Is it possible that Toncoin could be entering a period of exciting adoption and steady growth over the coming months? The altcoin garnered considerable attention in 2024 due to TON’s emphasis on play-to-earn games. However, the hype surrounding those games has subsided since then. Nevertheless, recent data trends seem to indicate that renewed enthusiasm might be brewing.

As per LunarCrush Social Intelligence, there’s been a surge of fresh attention towards Toncoin recently. This claim is backed up by the data showing that at the current moment, Toncoin ranks number one among all cryptocurrencies in terms of social and market activity over the past 24 hours.

An increase in social interaction might indicate increasing or revitalized curiosity. But does this trend imply an upsurge in demand for Toncoin as well? Based on CryptoQuant’s analysis, TON addresses have shown a steady upward trend over the past year.

As an analyst, I’d like to highlight a significant development in our network. Back in January 2024, we had approximately 4.37 million addresses. Out of these, around 3.6 million held a balance, while the rest were zero-balance addresses. Fast forward to the present, and I’m delighted to report that the number of active addresses has grown substantially. According to our latest data, we now have over 128.17 million addresses. This represents an impressive expansion in user engagement and activity on our network.

The number of Toncoin addresses increased to 104.24 million, with many having a balance, and another 23.93 million having no balance. This suggests a growing long-term interest in Toncoin. Yet, it doesn’t imply any direct connection with the escalating social enthusiasm for the cryptocurrency.

In brief, there seems to be a connection in the short-term market movements. To illustrate, the price rebounded in the past two days following a generally bearish trend throughout the week. Similarly, Toncoin experienced a drop of approximately 26% from its weekly peak to its weekly trough on Friday.

On Friday, the cryptocurrency hit its lowest point at $4.77, but then experienced a surge of 15%, reaching $5.52 at the current moment. This upward trend corresponds with an increase in social sentiment.

Over the past six months, Toncoin has been moving within a long-term bullish pennant formation. This indicates that a significant upward trend might occur in the coming years, potentially reaching its peak in 2025.

Significant factors potentially shaping near-term price movements may be:

source Coinglass

This further validated the notion that the recent selling activity sparked a change in sentiment, leading investors to accumulate following the price reduction.

The transition was further supported by increasing activity in the derivatives market. As of December 15th, TON’s volume reached a staggering $151.33 million. Remarkably, this figure has since soared to an impressive $476.66 million over the past 24 hours.

A consistent high level of trading could potentially lead to faster progress over the next few days. If increased social interest sparks enough demand, the bulls are expected to maintain their strength.

2024-12-21 23:03

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