TON Blockchain Surpasses 1 Billion Transactions as Native Token Toncoin Struggles

Coinspeaker
TON Blockchain Surpasses 1 Billion Transactions as Native Token Toncoin Struggles

Despite some recent setbacks, the Open Network (TON), a blockchain with close ties to the Telegram messaging app, has continued to show impressive results in the overall sense. This follows after data from TON Scan showed that the network has now processed more than 1 billion transactions.

Notably, this achievement comes on the heels of two major outages that the network recently faced after a memecoin airdrop.

TON’s Rapid Growth Continues Despite Challenges

As the data shows, transaction volumes now exceeded 1.02 billion. However, TON’s growth over the past months has been nothing short of remarkable. More so, considering that it pulled off half of those transactions within the last three months alone.

From all indications, users are engaging more with the network. However, it might be worth noting that TON’s growth, so far, has been largely helped by its integration with Telegram.

Telegram boasts nearly 1 billion users worldwide, and the TON platform has been able to tap into this extensively, bringing about the results that are now being seen in its blockchain activity.

Some new innovations have also played a part in the network’s growth. In August, for instance, TON Core and Tonkeeper launched the W5 smart wallet standard. That development meant that gasless transactions could now be possible on the TON blockchain, using USDT for transaction fees. This made the platform more accessible, also driving its recent explosion.

Away from the technicalities, TON has also attracted big investments in recent months. Particularly, in May, when Pantera Capital invested in The Open Network, with the hopes of taking advantage of Telegram’s large user base to promote widespread crypto adoption.

Such great financial muscle may just have pushed TON into position as a potential leader in the Web3 space. The prospects are so huge that a recent report from the crypto exchange Bybit has seen the possibility of transforming into a “SuperApp” similar to WeChat.

Toncoin Struggles amid Market Uncertainty, Are There Any Hopes?

While TON’s blockchain continues to excel, its native token, Toncoin (TON), has experienced notable price fluctuations. Following days of intense selling pressure, Toncoin’s value has been on a steep decline for a while now. However, matters only got worse when Telegram CEO Pavel Durov was arrested last Saturday. The event was enough to trigger a sharp 25% drop in TON’s price.

Expectedly, the reality has dawned on investors, and now more than ever, they are cautious and, at the same time, curious as to what the asset’s near-term outlook might be.

Top analysts have weighed in on the matter, though, with the most noting that TON has entered a correction phase. Notably, one prominent analyst has forecasted a further drop of 30% from TON’s current price levels. According to the analyst, identified as AlienOvichO, TON has lost its key support level at $5.73 and has formed a popular bearish formation on charts that typically signals the beginning of a downtrend.

Despite the hopeless forecast, Toncoin is not backing down. As of publication, it was seen trading at $5.28, up 2.57% in the past 24 hours.next

TON Blockchain Surpasses 1 Billion Transactions as Native Token Toncoin Struggles