Toncoin’s Supply Analysis Points to Spike In User Activity, What’s Next For TON Price? ⋆ ZyCrypto
The post Toncoin’s Supply Analysis Points to Spike In User Activity, What’s Next For TON Price? ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     The Ton Network remains among the fastest-growing blockchains this year. This comes on the heels of massive inflows and soaring bullish sentiments in various market sectors. TON price trades at $5.60, a double-digit surge in the last seven days. This year, TON soared uphill due to the launch of games and the onboarding of new users. On-chain factors have shown a possible pathway to drive growth. Supply Spikes To 5.1 Billion On-chain data shows that the asset’s supply stands at 5.1 billion TON, up from 5.01 billion previously. Although this figure shows an increase, the circulating supply dipped in early 2024 due to assets locked up for staking rewards. Games such as Hamster Kombat, Catizen, and DOGS led the pack globally on the Tom networks. “The total supply of TON shows steady growth from ~5.01 billion to ~5.1 billion TON. However, changes in the circulating supply patterns highlight a sharp decline in early 2024 ~2.5 billion, likely due to lockups and staking activities. Considering the Masterchain and Workchain data, it is evident that apps and games that function on the workchain on the TON chain spur user activity.” Per the release, TON transactions have remained relatively level in the last six months except for airdrops involving these tokens. Arbitrum remains a big competitor for the network within a few months. The widespread momentum around the network also stems from reports in Q2 2024 that the coin outclassed the market leader, Bitcoin, in many areas. Exchange Infrastructure Sees Growth Aside from the increase in mobile user adoption due to new game rollouts, top centralized crypto exchanges have increased infrastructure for the network. OKX and Binance are expanding their on/off ramp capabilities. Some users also cautioned about the anti-money laundering risk involved due to these entities. A bull market…
Filed under: News - @ November 17, 2024 9:15 am