Is Toncoin gearing up for a new phase of expansion and growth in the near future? The altcoin gained significant popularity in 2024 due to TON’s strong emphasis on play-to-earn games. While the initial hype may have faded, recent data hints at a possible resurgence of interest.
As per the latest analysis from LunarCrush Social Intelligence, Toncoin has been witnessing a surge in social activity, making it the most talked-about cryptocurrency in terms of both social engagement and market performance over the last 24 hours.
Increased social activity often signifies growing interest. But does this heightened engagement translate into higher demand for Toncoin? According to CryptoQuant, TON addresses have been steadily increasing over the past year.
Contextually, the network had around 4.37 million addresses in January 2024, out of which approximately 3.6 million had a positive balance. Recent data shows a significant jump, with the total number of addresses now standing at 128.17 million.
Out of these, 104.24 million addresses hold a balance, indicating a rising demand for Toncoin. Interestingly, this uptrend in addresses doesn’t necessarily correlate with the increased social buzz surrounding the coin.
Short-term price movements, however, seem to reflect some correlation. For instance, after a bearish week where Toncoin tumbled by 26% from its weekly high to a low on Friday, the price saw a rebound over the next two days.
Following a dip to $4.77, the cryptocurrency witnessed a 15% surge, bringing the price to $5.52 at the time of reporting, aligning with the spike in social sentiment.
Notably, Toncoin has been trading within a bullish flag pattern for the past six months, hinting at a potential long-term breakout in 2025.
Several factors could impact its short-term price behavior, including a decrease in spot outflows since mid-December, potentially paving the way for positive flows. This trend coincides with a shift from negative to positive weighted funding rates in the last day.
This shift indicates that the recent sell-off might have triggered a sentiment change favoring accumulation after the discount.
Moreover, the derivatives segment has seen a surge in trading volumes. On December 15, TON’s trading volume was $151.33 million, which has now risen to $476.66 million in the last 24 hours.
Sustained high trading volumes could support further recovery in the upcoming days. If the increased social activity manages to attract significant buying interest, the bulls might take control of the market.