The Ton network has become one of the most famous blockchain recently. The maximum credit goes to the boom in tap-to-earn games. The open network is becoming a great choice for projects wanting to launch tap tap games on telegram app. But this popularity does not come without a price. If you are aware, the TON blockchain was halted for 6 hours last week. Nonetheless, these challenges can not stop Toncoin from taking a huge surge and bringing great profits for investors. Let’s dive deep to understand what are the reasons Toncoin can skyrocket.
Milestone of 1B transactions
The TON network just crossed a huge milestone of completing one billion transactions. August 29 will always hold the golden memories for this blockchain. Just a day after the network was frozen, the Ton blockchain saw a high surge in wallet creation and transactions. On 27th August, DOGS airdrop started and users were in so much rush that they sent millions of transactions causing the blockchain to bottleneck on 28th. It stayed the same for the next 6 hours. The next day became a milestone for Ton network.
Data from tonstats shows that there is a continuous rise in the on-chain activities for the network. The total number of newly created wallets reached 14.39 Million on 29 August from 11.65 Million on August 2. On a daily basis over 100k new wallets are being activated and over 600k wallets are performing daily transactions
Updates in Ton wallet
Ton Core and Tonkeeper introduced the W5 smart wallet standard last month. This facilitates gasless transactions on the TON blockchain using USDT as transaction fee.
This became an additional reason for the transaction surge on the network. The number of active addresses on the blockchain has reached around 50 million with an adoption rate above 45%. Most of the addresses and transactions are because of the airdrops for the tokens on The Open Network
Technical Factors
At the time of writing, Toncoin is trading at $5.163 and is down by 38.80% from its all time high price of $8.288 in mid June this year. The RSI on a daily chart is reflecting a divergence which indicates that Ton is going to catch a price reversal soon. A head and shoulder pattern can also be seen in the same chart,however historical data suggest that negative patterns usually do not affect much on the price of an asset when the number of addresses and transactions are rising at a high speed.
Looking Ahead
All the data from various sources suggests one thing ; TON blockchain is getting huge traction from the crypto community. The daily rise in wallets and transactions are proof that the community is highly interested in this blockchain considering the boom in tap to earn games, airdrops and gasless transactions. These are all the things that the crypto community requires at this time. Because this blockchain is fulfilling the needs not just of the community but the developers as well, it would be wrong to say that this coin has taken the path to become unstoppable.
