Toncoin Ranks at the Top of Social Charts! Will the Price of TON Benefit from This?
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In the coming months, will Toncoin enter an interesting adoption phase and achieve strong growth? Due to TON's high emphasis on play-to-earn games, this altcoin gained significant popularity in 2024. However, the situation in this regard has since cooled down. Nevertheless, the latest data set seems to suggest that potential excitement may rise again.
According to LunarCrush Social Intelligence, Toncoin has recently regained attention. As of the time of writing, it is the top-ranked cryptocurrency for social and market activity in the past 24 hours, supporting this claim.
A surge in social activity typically indicates that people's interest is growing or rekindling. However, does this observation also suggest that demand for Toncoin is increasing? According to data from CryptoQuant, the number of TON addresses has been on a positive growth trend over the past 12 months.
As background, in January 2024, the network had 4.37 million addresses, of which about 3.6 million had balances, while the rest were zero-balance addresses. According to the latest data, CryptoQuant found that these addresses have now grown to 128.17 million.
The number of TON balance addresses has risen to 104.24 million, and the number of zero-balance addresses has increased to 23.93 million. This observation confirms that long-term demand for Toncoin is on the rise. However, this does not indicate any correlation with rising social sentiment.
However, short-term price movements do show some correlation. For example, after a week of overall bearishness, prices rebounded in the last two days. On Friday, Toncoin fell from a weekly high to a weekly low, with a decline of 26%.
On Friday, the cryptocurrency dropped to a low of $4.77, then surged by 15% to the price level of $5.52 at the time of writing. This aligns with the spike in social sentiment.
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