Throughout the previous week, TON has been on a steady uptrend in terms of its value. At the time of writing, TON was valued at $5.78, reflecting a 4.8% increase in the past 24 hours.
Over the span of a week, this altcoin has experienced a notable surge of 7.78%.
Prior to this recent uptrend, TON had been on a downward trajectory, plummeting by 15.61% in the preceding months. However, the current upsurge in demand, as indicated by heightened trading volume, breathes new life into TON.
The trading volume for TON has spiked by 46.6% to reach $322.5 million. This surge in trading activity signifies a growing interest and acceptance of TON, as analyzed by IntoTheBlock.
TONcoin’s Active Addresses Reach 3 Million Daily
IntoTheBlock data reveals a significant increase in the number of active addresses associated with TON.
This recent growth has positioned TON’s active addresses ahead of other prominent layer 1 blockchains, outpacing major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Tron (TRX), and Avalanche (AVAX).
As per the data, TON has registered an average of 3 million active addresses daily throughout the initial week of September.
This surge indicates a rising adoption and usage of the TON network. An increase in active addresses implies a greater level of user interaction with the network.
This growth trend is further reinforced by the continuous rise in the number of transactions on the TON network. In the first week of September alone, TON processed close to 60 million transactions, showcasing a heightened demand within its ecosystem.
Similar to the surge in active addresses, a higher transaction volume signals that the TON network is actively utilized.
Effects on TON’s Price Movements
According to insights by IntoTheBlock, the heightened activity within the TON blockchain sets the stage for a more robust market performance. The critical question remains: how will this impact TON’s price movements?
Notably, TON has witnessed a sustained positive price DAA divergence over the past week.
This positive divergence suggests that the network has seen increased participant engagement, despite price stability. With rising buying interest, prices could potentially see an upward trajectory.
Furthermore, the recent period has recorded a substantial inflow of tokens from large holders, peaking at 563.7 million tokens.
This influx indicates a growing demand for TON among major holders, bolstered by a significant concentration of TON among whales.
In essence, TON is currently experiencing substantial traction, backed by active addresses and transaction volume. If the current market conditions persist, TON could challenge the previous resistance level of approximately $6.75.