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
According to CryptoQuant analyst Maartunn, the number of active addresses on the TON Masterchain has surged more than 7x since July 2021. This impressive growth indicates a rise in blockchain usage, leading to a boost in transactions and overall activity.
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.
Understanding the Masterchain’s Role
While 946 daily active addresses might seem modest, it’s crucial to recognize that this figure pertains only to the Masterchain. The TON blockchain employs several sidechains, known as workchains, to manage the bulk of data. The Masterchain primarily handles messages and transactions rather than data storage.
Toncoin Price Analysis
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.
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.
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As TON’s momentum grows, so too does its potential. Are you looking forward?