- TON achieved a new all-time high (ATH) of $7.3, marking a significant milestone.
- Active addresses on the network surged materially as well.
The Toncoin [TON] network has been a dark horse in the cryptocurrency space and has surprised market participants with its quick growth.
Reaching new highs
Recently, the TON token attained an ATH (all-time high) of $7.3. After claiming the ATH, the price of TON fell by 4.79%.
On a short term basis, this correction may seem large. But on a long timeline, this correction wasn’t significant enough to change or break the trend established by TON.
Since the 1st of May, the price of TON grew materially. During this uptick in price, the price exhibited multiple higher highs and higher lows, indicative of a bullish trend.
Despite the decline in price, the CMF (Chaikin Money Flow) of TON remained high. This meant that there was still a significant amount of money flowing into TON.
Moreover, the RSI (Relative Strength Index) for also fell significantly, implying a loss of momentum for the TON token.
However, the RSI did not fall below the 50 level, indicating that there was some bullish momentum that still persisted.
Source: Trading View
Only time will tell whether TON surpasses its current ATH in the future. One major factor that could help TON see green in the future would be the performance of its network.
The recent involvement of Tether on Ton’s ecosystem helped the network significantly.
Tether steps in
Since Tether launched directly on the Ton network in April, the circulating supply of USDT saw a significant surge. It has ballooned to $580 million, reflecting a massive 76% growth in just one month.
This impressive jump in USDT has propelled TON to the forefront of stablecoin adoption, solidifying its position as the 6th largest network for USDT circulation.
Furthermore, the Ton network itself experienced a boom in user activity. Daily active users have skyrocketed by 300% during this same period, reaching an all-time high of 632,000.
Is your portfolio green? Check the TON Profit Calculator
Undoubtedly, the presence of a stablecoin directly tied to the US dollar plays a crucial role in driving growth and adoption for a blockchain network.
With the addition of even stronger developer tools and the development of EVM-compatible Layer 2 solutions, this trend to accelerate even further on the Ton network could be expected.
Source: X
Powered by WPeMatico
