TON Masterchain Active Addresses Skyrocket Sevenfold Since July 2021, Driving Token Demand

Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, is making headlines as its Masterchain achieves a record-breaking 946

Toncoin (TON), the cryptocurrency linked to the popular messaging platform Telegram, is grabbing attention with its Masterchain achieving an average of 946 active addresses per day, a record-breaking achievement. This news comes as Toncoin’s value has surged by nearly 9%, contrasting with the broader market’s downturn.

According to Maartunn, an analyst at CryptoQuant Research, the TON Masterchain’s active address count has increased more than sevenfold since July 2021. This significant uptick highlights the growing adoption of the blockchain, which leads to more transactions and overall network activity.

Rising User Activity Fuels Toncoin Demand

This increasing active address count showcases the continuous development of the TON ecosystem. Expanding the network allows for a greater variety of decentralized applications (dApps) and work chains, indicating healthy blockchain growth.

Due to this activity, the demand for TON coins is increasing. More network activity affects the overall economic health of the TON blockchain, which is usually linked to a rise in the token’s price.

It's worth noting that this figure only reflects activity on the Master chain, with the total being much higher. Despite the seemingly low number of 946 daily active addresses, the TON blockchain operates with multiple sidechains, known as workchains, that handle the majority of data management. The Masterchain primarily handles processing messages and transactions rather than storing data.

This activity indicates growing interest in the TON network, as increasing user and developer involvement tends to boost the demand for TON tokens.

Toncoin Price Now: What to Expect?

At the time of writing, Toncoin (TON) is trading at $6.67, down 2.8% over the past day and showing a weekly gain of over 23%. Toncoin has slipped from a price of $7.04 at the beginning of the week.

Toncoin's price is now down from a recent high of $7.43 on February 10. However, the coin's price has risen by more than 400% since the beginning of the year.

Toncoin's price is now facing resistance at the $7 level, which is a key support level. If Toncoin can close above this level, it could maintain its bullish momentum. A technical analysis by Coin Bureau shows that Toncoin's price could surge by 26% over the next two weeks and over 400% year-to-date.

However, if the price falls below $6.43, it could decrease further, testing support around $6.04.

According to IntoThe Block analytics, the TON network has crossed 39.5 million addresses. This milestone showcases its growing popularity and strong network, attracting both institutional and retail investors.

The derivatives market in TON is not trending positively, with futures traders leaning towards short bets. According to Coinglass, the coin's funding rate has been mostly negative across exchanges this month.

In the last 24 hours, the price of TON varied from $6.74 to $6.93. Although the market is still hesitant, buyers are watching for signs that it might be starting to an upward trend.

The above is the detailed content of TON Masterchain Active Addresses Skyrocket Sevenfold Since July 2021, Driving Token Demand. For more information, please follow other related articles on the PHP Chinese website!