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Toncoin's Masterchain hits a record 946 daily active addresses, boosting ecosystem growth.
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Growing TON network activity likely to drive future demand and value for Toncoin.
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Toncoin currently trades at $6.67, with experts eyeing the crucial $7 resistance level.
Toncoin (TON), the cryptocurrency tied to the popular messaging app Telegram, is gaining attention as its Masterchain hits a record 946 active addresses daily. This milestone has contributed to a nearly 9% rise in its value, standing out amid the broader market’s downward trend.
TON Masterchain Hits All-Time High
CryptoQuant analyst Maartunn reports that the number of active addresses on the TON Masterchain has increased more than 7x since July 2021. This jump shows that more people are using the blockchain, leading to more transactions and activity.
$TON: Active Addresses (masterchain) hits all-time-high
— CryptoQuant.com (@cryptoquant_com) August 21, 2024
“It has now reached 946 active addresses daily, marking a more than 7x increase since July 2021.” – By @JA_Maartun
Link 👇 https://t.co/eiP5sArPTn pic.twitter.com/ElhhiOdLUk
The rise in active addresses also highlights the growth of the TON ecosystem. As the network expands, it supports more decentralized apps (dApps) and workchains, which is a good sign for the blockchain’s progress.
With more users, the demand for TON tokens goes up. More network activity usually means higher value for these tokens, affecting the overall economy of the blockchain.
Daily Active Addresses Surge
Although 946 daily active addresses might seem small, it’s important to note that this only covers the Masterchain. The TON blockchain uses several sidechains, called workchains, to handle most of the data. The Masterchain’s main job is to manage messages and transactions, not to store the data.
This new record shows growing interest in the TON network. As more people and developers use the platform, the demand for TON tokens is likely to increase. This milestone highlights the steady and positive growth of the TON blockchain.
Toncoin Price Analysis
As of now, Toncoin (TON) is currently down by 2.8%, trading at $6.67. Meanwhile, with this price drop, its daily trading volume has also seen a drop of 23%, reaching about $227 million. Its market cap is $16.8 billion, making it the 8th largest cryptocurrency.
Meanwhile, some experts are watching the $7 level as a key point. If Toncoin rises above this, it might continue to increase, with some hoping it could reach its all-time high of $8.28. If the price drops below $6.43, it might test lower levels around $6.04.