Toncoin (TON), linked to Telegram, has achieved a milestone with 946 active addresses daily on its Masterchain, contributing to a nearly 9% value increase. This growth defies the broader market's downward trend and highlights increased blockchain adoption.
Analyst Maartunn from CryptoQuant Research notes that since July 2021, the TON Masterchain’s active address count has surged over sevenfold. This suggests more transactions and network activity, reflecting a healthy blockchain ecosystem and increased demand for TON coins.
The TON ecosystem's expansion means more distributed apps (dApps) and workchains, indicating growing user and developer involvement. Despite the modest figure compared to larger networks, it points to a robust, developing blockchain.
Currently, Toncoin is down 2.8%, trading at $6.67, with a market cap of $16.8 billion. A key support level for analysts is $7, indicating that surpassing this could maintain bullish momentum, whereas a drop below $6.43 could lead to further decline to around $6.04.
The TON network now boasts over 39.5 million addresses, signifying its popularity and solid foundation. However, the derivatives market remains bearish, with futures traders placing short bets and a predominantly negative funding rate this month.
In the past 24 hours, TON’s price fluctuated between $6.74 and $6.93. Despite market caution, there are signs of potential upward movement, with buyers closely monitoring the trend.
