The $1 Billion Milestone: TON Chain Sees Record USDT Issuance, Crucial Price Levels Highlighted
Throughout the current year, Toncoin [TON] has been making significant strides in the cryptocurrency space, largely due to its integration with Telegram-related ventures.
This partnership has led to a surge in demand for liquidity within the network, particularly noticeable in the growth of stablecoins.
Speaking of stablecoins, TON recently achieved a major milestone by surpassing the $1 billion mark in USDT circulation within its ecosystem. This milestone serves as a testament to the network’s growing prominence.
The increasing use of TON/USDT is anticipated to enhance the network’s appeal in the WEB3 sphere, reflecting the substantial user expansion witnessed throughout the year.
For instance, the number of new and active addresses experienced a noteworthy increase in the past two months.
On the 7th of September, new addresses reached 2.24 million, while active addresses peaked at 3.9 million, marking a record high in daily address activity for the network.
In contrast, TON had approximately 8,170 new addresses and 34,340 active addresses as of January 1, 2024.
Currently, TON boasts a peak of $64.49 million addresses with a balance, reflecting the surge in user adoption and leading to a growth in network transactions.
The network observed a record-high of 11.27 million daily transactions on September 7, marking a significant milestone for daily network activity.
Moreover, network fees have exhibited notable growth over the past eight months, pointing towards a continued uptrend as the DeFi ecosystem of TON expands further.
With impressive ecosystem expansion and enhanced stablecoin accessibility, TON is poised to emerge as one of the fastest-growing blockchain networks.
Exploring Opportunities for Growth: Can TON Capitalize on Its Expansion?
Drawing from a bullish first half of 2024, TON faced a retracement period since June, navigating a downward channel and finding support slightly below $4.6.
The recent bottoming out suggests a potential upward movement for the price of TON.
During its latest rally in the second week of September, TON encountered resistance around the $5.8 mark, aligning with the 0.5 Fibonacci level.
Short-term downward pressure might drive the price towards $5.13, a level previously identified as an accumulation zone.
As of the current writing, TON is trading at $5.44, reflecting a roughly 33% decline from its all-time high.
If the bullish trend resumes, TON could be on track to revisit previous peaks and explore unprecedented price territories.