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TON Network Surpasses $1 Billion Milestone in USDT Growth
Toncoin’s Impressive Stablecoin Growth
Toncoin’s USDT stablecoin growth has skyrocketed by over 670% in just six months, propelling it past the $1 billion mark. This achievement has positioned the Telegram-affiliated blockchain as the 10th largest network in terms of stablecoin dominance, trailing only Ethereum-based Optimism.
Factors Driving Toncoin’s Growth
Analysts attribute Toncoin’s rapid growth to the overall surge in stablecoin popularity and the competitive fees offered by the network. CryptoQuant analyst Burak Kesmeci predicts a further expansion of the USDT supply, which is likely to drive more demand for fast and cost-effective blockchain networks like TON.
Toncoin Price Performance
Despite its impressive growth in stablecoin usage, Toncoin’s price chart has seen muted activity due to stagnant interest. The cryptocurrency experienced a notable surge in value between May and June but faced a decline following the arrest of Telegram’s founder. This price fluctuation has been reflected in the on-balance volume (OBV) and market demand indicators.
Market Expectations and Sell-Pressure
Binance’s data reveals a moderate bullish sentiment among traders, with 53% of the top positions on the exchange being net long on Toncoin. However, the sell-side pressure has varied, with exchange sell pressure decreasing in September but rising steadily in October.
Whale Activity and Price Outlook
Whales holding Toncoin have increased their holdings, potentially capitalizing on discounted prices offered by retail sellers. Despite these dynamics, the subdued interest in Toncoin, reflected in low daily active addresses, could hinder a significant price rebound.
Future Prospects for Toncoin
While Toncoin’s stablecoin growth has been exceptional, sustained price chart performance may necessitate more robust market interest and participation. The cryptocurrency’s value hinges on market sentiment and external factors that may influence its price trajectory in the coming months.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
