- TON achieved a new all-time high (ATH) of $7.3, marking a significant milestone.
Active addresses on the network surged materially as well.
As a researcher with experience in the cryptocurrency market, I’m excited to see the recent developments on the Toncoin (TON) network. The new all-time high of $7.3 is a significant milestone that underscores the potential of this project.
“The Toncoin [TON] network has emerged as a sleeper hit in the cryptocurrency world, catching markets off guard with its impressive expansion.”
Reaching new highs
Lately, the record high for TON‘s token was reached at a price of $7.3. Following this peak, the value of TON decreased by 4.79%.
In the short run, this correction appears substantial. However, over an extended period, it didn’t make a noticeable difference or disrupt the prevailing trend set by TON.
Starting from May 1st, the value of TON underwent significant growth. This price surge was marked by numerous new record highs both in price peaks and bottoms, which is a telltale sign of a bull market.
As an analyst, I’ve observed that despite the decrease in TON‘s price, its Chaikin Money Flow (CMF) indicator remained elevated. This signifies that a substantial inflow of funds continued to enter the TON market.
Additionally, the RSI (Relative Strength Index) of TON‘s price declined notably, signaling that the token’s momentum may have weakened.
Despite the RSI not dropping beneath the 50 mark, it signaled that buying pressure remained strong.
It remains to be seen if TON can exceed its all-time high (ATH) in the future. A significant contributing factor to this potential growth could be the improved functionality and efficiency of its network.
The recent involvement of Tether on Ton’s ecosystem helped the network significantly.
Tether steps in
As an analyst, I’ve observed a remarkable increase in the circulating supply of USDT on the Ton network since its launch in April. The figure now stands at approximately $580 million, representing a staggering 76% growth within a single month.
The significant surge in USDT on TON has brought it to the frontline of stablecoin usage, reinforcing its place as the sixth most popular network for circulating this digital currency.
During this timeframe, there was a significant surge in user activity on the Ton network. The number of daily active users jumped by an astounding 300%, resulting in a record-breaking figure of 632,000 users at its peak.
Is your portfolio green? Check the TON Profit Calculator
Without a doubt, a stablecoin linked to the US dollar significantly contributes to the expansion and acceptance of a blockchain platform.
As a crypto investor, I’m excited about the ongoing advancements in the Ton network. The arrival of more robust developer tools and the emergence of EVM-compatible Layer 2 solutions are significant upgrades. These improvements are likely to accelerate the trend towards greater adoption and usage on the Ton network.
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2024-06-16 21:11