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- Toncoin’s daily transfer volume has reached $10 billion, equating to 10% of Bitcoin’s volume.
- The number of TON token holders has grown tenfold to 32 million in a year, driven by its integration with Telegram.
The Open Network’s (TON) daily transfer volume has surged to an impressive $10 billion, as on-chain analysis firm CryptoQuant reported on June 20. This significant achievement places TON at 10% of Bitcoin’s trading volume, underscoring the rapid growth and increasing adoption of Toncoin (TON).
According to Maartunn, community manager at CryptoQuant, Toncoin’s daily remittance volume ranges between $5 billion and $10 billion, translating to approximately 800 billion to 1.6 trillion yen. In comparison, Bitcoin’s average daily remittance volume is around $50 billion, or approximately 8 trillion yen. This comparison highlights that TON, despite being only four years old, has already achieved 10% of Bitcoin’s volume.
On-chain metrics of $TON are going parabolic!
“The transfer volume ranges between $5.0B ~ $10.0B. For comparison, #Bitcoin's average daily transfer volume is around $50.0B. This indicates that #TON has already achieved between 10% Bitcoin's capacity.” – By @JA_Maartun
Read… pic.twitter.com/56VjsAGOwL
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
Transaction volume, a key metric in the cryptocurrency market, refers to the total amount of tokens moving across the network, encompassing activities such as buying, selling, and transferring between wallets. The impressive transfer volume of TON signifies its growing acceptance and usage in the crypto community.
Growing Number of TON Token Holders
The number of TON token holders has seen a substantial increase, now standing at 32 million. This is a tenfold growth from 2.9 million holders a year ago, indicating TON’s rising popularity and adoption. This growth in user base is a testament to the increasing trust and reliance on Toncoin within the cryptocurrency ecosystem.
Toncoin, a cryptocurrency integrated into the widely-used messaging app Telegram, leverages Telegram’s extensive user base of over 900 million monthly active users. TON is used for various purposes within Telegram, including purchasing non-fungible tokens (NFTs), making in-game payments, and engaging in other transactional activities.
Incentive Programs and Strategic Partnerships
In April, TON launched an incentive program aimed at rewarding Telegram users with 11 million TON. This initiative has significantly contributed to the rapid increase in the number of TON users. The incentive program is part of TON’s broader strategy to enhance user engagement and expand its reach within the Telegram ecosystem.
Additionally, TON has been strengthening its partnership with Tether, focusing on expanding the adoption of the stablecoin USDT within the TON ecosystem. This strategic move is designed to provide TON users with a stable and reliable cryptocurrency option for transactions, further boosting TON’s usability and attractiveness.
The popularity of the game “Notcoin,” where users can earn token rewards, has also played a role in driving the growth of TON. By integrating gaming with cryptocurrency rewards, TON has tapped into a dynamic and growing segment of the digital economy.
Toncoin’s market capitalization currently stands at approximately $18 billion, securing its position as the eighth-largest cryptocurrency by market cap, trailing only behind major players like USDC and XRP. On June 14, TON reached a new all-time high, briefly hitting the $8 mark. At the time of writing, TON is trading at around $7.3, registering a 24-hour decline of 4% in the last 24-hours.
This news comes amid reports from SlowMist that phishing activities targeting the TON ecosystem have surged, with scammers exploiting Telegram’s decentralized nature. Attackers are infiltrating message groups to distribute phishing links, often using deceptive methods like airdrops to steal users’ TON wallets. Xian highlighted that Telegram’s high level of freedom allows these phishing attempts to proliferate, putting users at increased risk.
