The crypto exchange Bitget has just published a report highlighting the growth of the TON ecosystem in 2024, particularly regarding trading volumes.
In particular, the cryptographic network based on Telegram has recorded a 12-fold increase in daily transactions since the beginning of the year.
The reasons for this success are manifold and range from continuous integrations with social media to the launch of numerous successful projects in the blockchain space.
Let’s delve deeper into the topic below.
Strong increase in 2024 in trading volumes on the TON crypto network
According to the latest report published by the crypto exchange Bitget, trading volumes on the TON blockchain have skyrocketed in 2024.
The cryptographic ecosystem, which has emerged as one of the most closely watched by investors, has recorded a peak of 12 times the transactions over the course of the year.
In detail, the number of daily operations has gone from a minimum of 100,000 tx to a maximum of 1.2 million tx, reflecting great progress from the point of view of adoption.
At the beginning of the month, on TON, one could count a cumulative number of transactions greater than 1 billion units, half of which were recorded during the summer period.
September is about to be remembered as the best month ever from this point of view, with over 170,000 tx in just 17 days.
$TON: OVER 1 BILLION TRANSACTIONS! 
TON's Anatoliy Makosov confirms the volume has already surpassed 1.3 billion transactions—half of it in just the last three months! 
pic.twitter.com/wRUmrwxk0Y
— Jana (@TheJanaNFT) September 2, 2024
The positive traction of TON comes from the vast community made up of 900 million active users, distributed in countries such as Russia, Ukraine, India, Brazil, and the United States.
In a short time, the chain has hosted 1,159 crypto projects, including cross-chain bridges, DeFi platforms, launchpads, and more.
The TVL of TON has increased by approximately 1800% in the last 6 months, reaching the current level of 397 million dollars.
This value turns out to be nonetheless half of what was reached in the middle of July, when the sum of the locked capitals touched 765 million dollars.
In parallel, the trading volume in crypto on DEX has increased significantly over the course of the year, surpassing 40 million dollars per day.
Precisely with reference to trading volumes, a strong push was given after the landing of the stablecoin USDT on the TON blockchain in April. From that moment on, 1 billion USDT have been minted on the cryptographic network, of which 720 million are currently in circulation.
The presence of a stable coin that facilitates the onboarding of users from other chains has created the conditions for a significant expansion of the entire ecosystem.
The various integrations of the Telegram ecosystem and the multiple successful projects
Some of the factors that have most influenced the increase in trading volumes in crypto on the TON network can be found in the numerous game integrations developed within it.
The TON Foundation has formed numerous partnerships to fill its on-chain space, such as with HashKey Group, Fireblocks, DWF Labs, Tether, and others.
The ecosystem based on the social media Telegram has stood out in particular for the presence of a flourishing gaming space, enhanced by the multiple airdrop campaigns connected.
A significant portion of the influx of new users and the boom in volumes is precisely due to the launches of free airdrops of new crypto.
Coins like NOT and DOGS have reached very high trading values and capitalizations in a short time, offering crypto rewards to the entire TON community.
In the debut week of DOGS, the memecoin appeared as the third best in the entire crypto world, with trading volumes amounting to 264 million dollars.
BREAKING!!!@realDogsHouse is a top-3 meme coin by trading volume!!! 
pic.twitter.com/0WB4vGyxbh
— Ali.ton (@Tleubayev) September 11, 2024
Other games like Hamster Kombat and Catizen, with their respective tokens about to be launched on the market, are set to record unprecedented success.
In this regard, as stated by Gracy Chen, CEO of Bitget, in the report published by the crypto exchange:
“The TON ecosystem is rapidly gaining ground, particularly among tech enthusiasts eager to explore its innovative approach to decentralized solutions. At Bitget, we have witnessed a significant influx of users participating in projects related to TON, driven by its unique commitment to the community and seamless integration with exchanges.”
Another factor that explains the explosion of mainstream adoption for TON products concerns the architecture of the blockchain and its scaling capabilities.
The platform also features asynchronous smart contract calls, proxy solutions, and a fast and efficient connection with Telegram.
Focus on the price of the crypto Toncoin (TON)
In the midst of the expansion of trading volumes on the blockchain network from the beginning, the crypto TON has emerged as one of the most appreciated resources on the market.
Since January, the value of the gas token of the ecosystem has increased by 2.4 times, going from 2.3 to the current 5.5 dollars, with a top localized in July around 8 dollars.
According to the data from CryptoQuant, TON records a drawdown of 29% from the highs, with a 90-day returns chart indicating a negative momentum.
While the peak of volume expansion was recorded in the last 3 months, the native cryptocurrency of the chain saw the greatest performance in the first half of 2024.
The decline in attractiveness on trading exchanges for TON is also visible from the detachment that the asset is recording from the different moving averages on the daily time frame.
At this moment, in fact, the crypto appears below the MA200 and the MA100, highlighting a general bear trend.
Descending, even the MA30 was able to repel the rebound in prices over the past few days, compressing the trend in the TON market.
The bears have the situation under control and could push the currency down for a few more weeks, likely bringing it below 5 dollars.
In the coming months, if the general market outlook becomes more convincing, TON could instead return to high levels at the previous highs.
In the scenario of altseason, this will be one of the crypto that could potentially bring great satisfaction to its token holders, especially if the blockchain ecosystem continues to perform well as it has in recent months.
