- USDT’s supply on TON climbed to as high as $729 million in just 4 months
TON registered gains of 24.64% in the last 7 days
As a seasoned crypto investor with a knack for spotting promising opportunities, I must say, Toncoin [TON] has been a surprising gem this year. The altcoin’s recent surge, coupled with the skyrocketing USDT supply on TON, is a clear indication of growing market favorability and adoption.
Over the past week, Toncoin (TON) has been experiencing a robust price rebound as shown on the charts. Currently, TON is being traded at $5.79 after a 4.4% increase in the last 24 hours. Additionally, over the past seven days, this cryptocurrency has seen an almost 25% surge in value.
These advantages stem from increased acceptance and positive market reception, with additional support coming from the expansion of USDT on Toncoin following its integration in April 2024.
USDT supply on Toncoin hits $729 million
Based on Cryptoquant’s findings, the total amount of USDT on the TON platform reached an all-time high of $729 million over the past 4 months. Since its integration into TON on April 18, 2024, there has been significant growth in USDT’s presence.
The remarkable increase in size clearly demonstrates the rising influence of the stablecoin on the TON blockchain. It’s indisputable that the TON foundation’s integration played a crucial role in attracting the necessary stablecoins for network growth. Similarly, the surge in USDT supply within the blockchain has enabled numerous financial transactions and fostered wider acceptance of TON.
As per the recent report, USDT’s growth in TON also supports rapid adoption of peer-to-peer value transfers. This growth has been particularly noticeable among retail investors, with typical transactions ranging from $15 to $100. The attraction for small investors is primarily due to the relatively low median transfer fees on TON, which average around 4 cents, making them financially viable.
In summary, Cryptoquant’s findings indicate that USDT is increasingly active within the Toncoin blockchain, particularly in decentralized exchanges (DEXs). As a result, it can be concluded that the Decentralized Finance (DeFi) environment of USDT on Toncoin is primarily influenced by activities stemming from these decentralized platforms.
What does this mean for Toncoin?
In the world of digital currencies, coins like Tether (USDT) are crucial because they provide a reliable form of value storage that doesn’t fluctuate significantly, much like traditional fiat money. Additionally, they make it simple and smooth to carry out transactions within the cryptocurrency market.
Given USDT’s status as the globe’s largest stablecoin and most popular choice, integrating it was a crucial move for Toncoin. Utilizing USDT can significantly boost Toncoin’s acceptance, particularly among users who frequently engage in peer-to-peer USDT transaction activities.
What about TON charts?
An increase in USDT availability on the TON network suggests that Toncoin is growing in popularity among users. This market acceptance positions Toncoin to achieve further growth.
This market phenomenon can be further illustrated by greater investor preferences.
For example, The open interest for Toncoin on various exchanges has been steadily increasing over the last several months. In just the past week alone, the open interest for Toncoin on exchanges has grown from $94 million to $104 million.
Investors are not only maintaining their current investments but also adding new ones, which suggests a positive outlook as they expect prices to keep rising.
As a researcher, I’ve observed that liquidations for TON have been rather modest since the market crash on August 5th. To put it into perspective, the liquidation of long positions has decreased significantly over the past seven days from $4 million to approximately $8,500 as of press time.
In simpler terms, TON‘s popularity is growing in the market. This trend can be reinforced by the increased availability and engagement with USDT on Toncoin. As a result, Toncoin appears poised for additional growth. If current trends continue, the altcoin could potentially break through its $6.74 resistance point.
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2024-09-14 23:03