TON has achieved a key milestone, recording an all-time high in daily active users. According to an announcement, the network surpassed 1.1 million daily active on-chain users.
Moreover, this surge in user engagement comes despite the ongoing bearish trend in Toncoin (TON) prices, which have been struggling to break free from downward pressure.
According to TON’s official X account, the network saw a great week ending on August 31, 2024. This is as three days in a row saw daily active user counts surpass one million.
Since the start of the year, the blockchain’s user population has more than quadrupled. At that time, the network had 3.6 million active addresses.
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Impact of New Memecoin Launch on TON’s User Growth
The introduction of DOGS, a new memecoin named after Telegram inventor Pavel Durov’s dog Scotty, is partly the reason for the spike in TON’s user base. The introduction of DOGS brought in a large number of users to the TON network, which in turn increased the number of active users.
This event has shown that the network can use the popularity of memecoins among crypto enthusiasts to draw in and interact with a wide variety of individuals.
According to data from Token Terminal, the spike in user engagement is evident. This is shown by 787,890 daily users, 3.12 million weekly users, and 5.47 million monthly users recorded. This growth indicates a robust and active community on the TON network, which could have positive implications for its future.
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Toncoin Price Performance Amid Market Uncertainty
Despite the user growth, TON has faced challenges in the market, with its price declining over the past week. At press time, Toncoin was trading at $5.33, a slight 0.80% increase in the last day.
Over the past week, TON has plunged by 6.72%. The market cap of Toncoin stands at $13.52 billion, with a 2dail trading volume of $282.4 million.
An analysis of TON’s chart on the daily timeframe indicates a bearish trend. The middle Bollinger Band trades below by the price. The MACD indicator has also shown a bearish crossover, suggesting that the downward trend may continue.
In addition, the RSI is approaching an oversold region, indicating that more losses in the asset may occur before a potential rebound or reversal.
The increase in TON network users is a good thing, however the price of TONcoin is still unstable. The viability of Toncoin will be largely dependent on the network’s capacity to retain and grow its user base.
According to DefiLlama, the Total Value Locked in TON’s ecosystem is around $353.35M. This is with stablecoins accounting for a market cap of $620.29M and a trading volume of $16.44M.
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