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TON’s non-zero wallets more than doubled in six months
Growing user activity helped TON defy the broader market downturn in April
As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of market ups and downs. But nothing quite compares to the explosive growth I’ve witnessed in Telegram-linked Toncoin (TON) over the past six months.
As a cryptocurrency analyst, I’ve recently observed some noteworthy network expansion with Telegram-linked Toncoin [TON]. In fact, it has shown the most impressive growth among the major crypto assets over the past six months.
TON’s user base doubles
According to Santiment’s analysis, the number of wallets with a non-zero balance on the network grew significantly during that time frame, reaching approximately 16,800. In contrast, well-established cryptocurrencies such as Bitcoin and Ethereum experienced more modest increases of around 10% for Bitcoin and 11% for Ethereum.
As a crypto investor, I’d like to remind you that Bitcoin and Ethereum are more established networks with larger user bases compared to TON, which is commonly referred to as The Open Network. However, the exponential growth in TON’s user base is an encouraging sign that the project is picking up momentum.
As an analyst, I’ve noticed a significant surge in on-chain activity for TON last month. The number of daily active addresses reached an unprecedented peak of 981 on April 11th. On average, approximately 500 new addresses have been engaging with the network daily since then. This is a remarkable shift from the network’s previous low daily activity count, which didn’t surpass 100 until mid-March.
The number of new addresses entering the network also picked up pace, peaking at 613 on 11 April.
Telegram-powered growth
As a crypto investor, I’ve noticed an unexpected surge in the usage of this particular cryptocurrency. I believe this rise is linked to its growing connection with Telegram, the popular social messaging platform. Telegram has been actively working on integrating the native token into their ecosystem, making it more accessible and valuable for users.
The creator of TON, which is developed by Telegram, instituted a revenue-sharing model for ad revenues. Channels with a minimum of 1,000 subscribers would receive payouts in TON. With Telegram boasting over 800 million monthly users, this represents a substantial market for TON to access.
As a analyst, I’d rephrase that sentence as follows: I. With TON, the creation of USDT, the world’s leading stablecoin, became feasible on its network. II. This feature granted Telegram users the ability to transfer USDT directly to one another’s digital wallets.
TON’s price shoots up in response
The integrations led to a 3.75% price rise for TON, bucking the trend of the cryptocurrency market’s decline in April as reported by CoinMarketCap.
Read Toncoin’s [TON] Price Prediction 2024-25
As a researcher, I have observed an impressive 12% increase in TON‘s value within the past 24 hours, with its price reaching $5.39. This surge can be attributed to recent investments made by Pantera Capital, a prominent venture capital firm specializing in digital assets. Driven by their belief in TON’s utility within the Telegram app and its potential for mainstream adoption, they have significantly boosted their stake in this promising project.
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2024-05-04 09:11