Toncoin active addresses hits daily average of 3 mln: Impact on TON?

• Ton active addresses hit a daily average of 3 million.
• Increased demand and adoption show investor favorability for TON.

Over the past week, Toncoin [TON] has experienced a sustained recovery on its price charts. As of this writing, Toncoin was trading at $5.78. This marked a 4.8% increase over the past day.

Also, on weekly charts, the altcoin has surged by 7.78%.

Prior to this, Toncoin was on a downward trajectory, declining by 15.61% over the past months. However, the latest surge in demand indicated by higher trading volume gives Ton some signs of life.

As such, its trading volume has surged by 46.6% to $322.5 million. This higher trading volume indicated the growing demand and adoption for Toncoin, as observed by IntoTheBlock analyst.

Toncoin active addresses hit 3 million daily

According to IntoTheBlock, TON has experienced an exponential surge in active addresses.

Source: IntoTheBlock

The recent growth sees Toncoin’s active addresses outpace other major layer 1 blockchains. Thus, the altcoin has surpassed other major cryptos such as Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Dogecoin [DOGE], Tron [TRX], and Avalanche [AVAX].

Based on this observation, Toncoin has reached a daily average of 3 million active addresses throughout the first week of September.

This growth simply means that the network has experienced increased adoption and usage. A higher number of active addresses suggests that more users are engaging with it.

Source: IntoTheBlock

This observation is further supported by Ton’s sustained surge in the number of transactions. During the first week of September, Toncoin processed 59.98 million transactions, showing increased demand within its ecosystem.

Just like the growth in active addresses, a higher transaction count suggests that Ton’s network is actively being utilized.

Any implications on TON’s price charts ?

As illustrated by IntoTheBlock analysis, the increased activity within the Ton blockchain positions, the altcoin for better market performance. The question is how does this impact its price charts?

Source: Santiment

For starters, TON has experienced a sustained positive price DAA divergence over the past week.

A positive price DAA Divergence suggested that more participants were interacting with the network, even though the price has remained stable. Thus, buying interest was rising, which may eventually help push prices higher.

Source: IntoTheBlock

Additionally, the last week has witnessed a massive increase in large holder inflow, hitting a high of 563.7 million tokens.

Read Toncoin’s [TON] Price Prediction 2024–2025

This further showed increased demand for Toncoin among large holders, a phenomenon that was strengthened by a high concentration of Toncoin among whales.

Simply put, Toncoin is enjoying massive favorability, as indicated by active addresses and transactions. If the current market condition holds, Ton will challenge the previous resistance level of around $6.75.