Over the past week, Toncoin [TON] has experienced a sustained recovery on its price charts. As of this writing, #TONCOİN was trading at $5.78. This marked a 4.8% increase over the past day.
Also, on weekly charts, the altcoin has surged by 7.78%.
Prior to this, Toncoin was on a downward trajectory, declining by 15.61% over the past months. However, the latest surge in demand indicated by higher trading volume gives Ton some signs of life.
As such, its trading volume has surged by 46.6% to $322.5 million. This higher trading volume indicated the growing demand and adoption for Toncoin, as observed by IntoTheBlock analyst.
Toncoin active addresses hit 3 million daily
According to IntoTheBlock, TON has experienced an exponential surge in active addresses.
The recent growth sees Toncoin’s active addresses outpace other major layer 1 blockchains. Thus, the altcoin has surpassed other major cryptos such as Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Dogecoin [DOGE], Tron [TRX], and Avalanche [AVAX].
Based on this observation, Toncoin has reached a daily average of 3 million active addresses throughout the first week of September.
This growth simply means that the network has experienced increased adoption and usage. A higher number of active addresses suggests that more users are engaging with it.
This observation is further supported by Ton’s sustained surge in the number of transactions. During the first week of September, Toncoin processed 59.98 million transactions, showing increased demand within its ecosystem.
Just like the growth in active addresses, a higher transaction count suggests that Ton’s network is actively being utilized.
Any implications on TON’s price charts ?
As illustrated by IntoTheBlock analysis, the increased activity within the Ton blockchain positions, the altcoin for better market performance. The question is how does this impact its price charts?
For starters, TON has experienced a sustained positive price DAA divergence over the past week.
A positive price DAA Divergence suggested that more participants were interacting with the network, even though the price has remained stable. Thus, buying interest was rising, which may eventually help push prices higher.
Additionally, the last week has witnessed a massive increase in large holder inflow, hitting a high of 563.7 million tokens.
