Deciphering Toncoin’s [TON] Double Surge: Insights from Telegram, USDT, and Pantera

Recent research found that in the last six months, Telegram-linked Toncoin [TON] has the fastest network growth among the top cryptocurrencies on the market.

The number of users on TON doubles

According to Santiment’s analysis, the number of non-zero wallets on the network increased to 16.8k during the previously indicated timeframe, more than double. By contrast, well-known cryptocurrencies such as Ethereum [ETH] and Bitcoin [BTC] reported growth of ‘just’ 10% and 11%, respectively.

It is important to keep in mind that Bitcoin and Ethereum have a far larger base and are part of larger networks than TON, which stands for The Open Network. Nevertheless, the initiative has been gaining traction as evidenced by the user base’s parabolic expansion.

Last month, there was a massive surge in TON’s on-chain activity, with daily active addresses reaching an all-time high (ATH) of 981 on April 11. Averaging 500 addresses every day began communicating with a network whose count had not surpassed 100 until as late as mid-March.

The rate at which new addresses were joining the network increased as well, reaching a peak of 613 on April 11.

Telegram-driven expansion

The abrupt surge in usage was caused by its growing closeness to the massive social messaging platform Telegram, which has worked hard to include the native coin into its ecosystem.

Owners of public channels with at least 1,000 followers would get payments in TON under the original TON creator Telegram’s ad revenue-sharing scheme. TON has a big market to enter, especially considering that 800 million people use Telegram each month.

The biggest stablecoin in the world, USDT, can now be minted on TON’s network, enabling Telegram users to send money to each other’s wallets.

In reaction, the price of TON surges

According to CoinMarketCap, TON’s price showed these integrations as it outperformed the overall decline in April, with gains of 3.75%.

TON was up almost 12% to $5.39 in only the previous day alone. One of the largest venture capital firms in the world specializing in digital assets, Pantera Capital, made investments that fueled the most recent upsurge. The business is placing a large wager on TON’s potential for mass adoption and its usefulness on the Telegram app.

May 2024, Cryptoniteuae