The TON network is showing signs of remarkable excitement in June. Applications on TON as well as TON prices are both showing positive growth. Even though most of the remaining Altcoin prices are still finding their old Dip .
The following are the latest observations and reviews about the TON network, from BeInCrypto.
Daily active addresses on TON have surpassed Ethereum
Daily active addresses are the closest on-chain indicator of user demand for the network. Thereby, reflecting the appeal of the applications that that network brings.
Compare daily active address volume fluctuations on ETH and TON. Source: Delphi_DigitalDelphi Digital said that TON has an existing advantage from more than 900 million Telegram users, so the network is rapidly growing in users as well as the number of daily active addresses (DAA). Specifically, TON's DAA in June nearly reached 600,000 addresses, while ETH 's decreased in June to less than 400,000 addresses. However, if compared with other Ethereum Layer 2 , TON still cannot surpass it.
Although the TON ecosystem is still very young, the initial resilience is quite large, sowing many promises for investors in the long term. The price of TON is also holding around the ATH level, above 7.5 USD.
TON's daily on-chain volume continuously exceeds 1 billion USD in 2024
Not only did the TON network increase in the number of daily active addresses, but daily on-chain volume also remained consistently high in 2024 and in June.
on-chain volume on TON. Source: CryptoQuant.Data from CryptoQuant shows that TON's daily on-chain volume has increased fourfold YTD. At the beginning of the year, the daily volume on the chain was only around 250 million USD, but now it has exceeded 1 billion USD. And Medium volume levels remained high above $750 million in June.
If we do not convert the volume into USD, but calculate the number of TON, then every day about 100 million - 150 million TON are exchanged, which is 2 times higher than the Medium at the beginning of the year.
On- chain volume increased in parallel with TON price. It can be seen that the TON price increased one beat before the volume, then the volume increased and resonated to push the price to set a new ATH. It can be said that investors' expectations for TON in the long term are still very strong.
The majority of transactions on TON are high-value transactions
What's special about TON's on-chain data to evaluate the driving force behind TON's price is the distribution of the number of on- chain transactions by transaction value. CryptoQuant data shows two contrasting pictures between before September 2023 and after September 2023.
Distribution of transactions on TON by value. Source: CryptoQuant.- Notice the two colors that dominate, purple and yellow. Purple is a transaction with a volume of 10,000 USD - 100,000 USD, and yellow is a transaction with a volume of over 1 million USD. It can be seen that, since the price of TON exceeded 2 USD, the majority of on-chain transactions on TON are transactions with a value of over 1 million USD.
- This reflects that TON is still in the stage of being accumulated by large Capital investors with high value transactions. And this motivation is the main driving force behind the TON price increasing and continuously maintaining at a high level.
Also Read: 7 applications on Telegram that are stirring up the Crypto community
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