As a seasoned researcher who has been closely observing the crypto space for quite some time now, I find myself intrigued by the recent growth of TON, particularly its surge in active users and unique wallet addresses. The connection with Telegram undeniably plays a significant role in this phenomenon, as it provides a familiar platform for millions to venture into the world of blockchain and cryptocurrencies.
The decentralized network known as TON, which is connected to the popular messaging app Telegram at its foundation level, has reached a significant achievement in its timeline.
As a crypto investor, I’m thrilled to share that according to a CryptoQuant analyst, the L1 blockchain has now surpassed 100 million unique wallets with non-zero balances. This is a staggering 95% increase in active users since the beginning of the year, which started with just 4.3 million. Quite remarkable, isn’t it?
What’s Behind TON’s Growth?
The increase in active users on TON can be attributed to its connection with Telegram. Originally, the social messaging service designed the TON blockchain, known as the Telegram Open Network, but plans to incorporate it into their system failed. This led to the termination of the blockchain project. However, a fresh team of developers took up the work and continued where it was left off.
In September 2023, Telegram rekindled its involvement with TON by debuting a crypto wallet on their L1 blockchain. Fast-forward to the present, and multiple games where you can earn money just by tapping have sprung up on Telegram. The twist is that these tasks completed by players result in tokens that can be claimed through the TON mainnet.
Among the initial clicker games introduced on the L1 network was Notcoin, which quickly gained a massive user base. Shortly after, other projects like Dogs and Hamster Kombat sprang up, capturing the interest of millions. Additionally, an influx of Telegram-based games have inundated the social app, drawing more users into their communities.
According to a CryptoQuant analyst, the association between Telegram and TON has played a significant role in bringing millions of people into the world of cryptocurrencies.
Will Price Follow?
Even though TON recently achieved a significant milestone, its native token, Toncoin, hasn’t been particularly captivating as of late. Currently, the coin is being traded at $5.19, marking a 1.4% decline over the past day. This current price level signifies a 37% decrease from its peak of $8.24, which was reached in June 2024.
Just last month, it was shared by CryptoPotato that around 80% of Toncoin holders have experienced a loss due to the coin’s significant drop in value. However, with the expansion of its ecosystem and the rise in prices for leading cryptocurrencies such as Bitcoin, there is a strong possibility that Toncoin will witness an increase in price once more.
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2024-10-09 00:28