Toncoin (TON) Sees a Spike in Wallet Addresses, But Token Activity Remains Subdued

Toncoin [TON] has experienced substantial growth in its blockchain infrastructure over recent months, achieving a record number of wallet addresses.

Toncoin [TON] has seen substantial growth in its blockchain infrastructure over recent months, with a record number of wallet addresses being created. Concurrently, the Total Value Locked (TVL) on its platform has shown a notable upward trend.

However, the number of active addresses on the Toncoin network has followed a more consistent and steady pattern, without significant fluctuations.

Toncoin’s wallet addresses experience a remarkable surge

Data from IntoTheBlock indicated a massive surge in Toncoin’s wallet addresses. The data showed that the number soared from approximately 3.6 million in January to over 39.5 million at press time.

This growth signified a significant expansion in on-chain activity over the year.

An analysis by AMBCrypto of Toncoin’s Total Value Locked (TVL) from DeFiLlama corroborated this trend of increasing blockchain engagement. The data showed that TVL rose sharply from around $14 million in January to over $596 million at press time.

Source: DefiLlama

It is, however, important to note a recent downturn, as the TVL peaked at over $750 million on the 29th of July before declining to its current levels.

Toncoin’s token addresses show a less steep incline

An examination of Toncoin’s daily active addresses by AMBCrypto revealed a modest but steady trend over recent months. The trend, however, doesn’t quite match the explosive growth seen across the broader network.

The peak number of daily active addresses in the last four months was 981 in April. At press time, the number was 400.

This month’s highest activity recorded was about 741 active addresses, indicating a significant variation in daily engagement on the Toncoin network over time.

Toncoin’s price action sees less enthusiasm

An analysis of Toncoin’s daily time frame chart by AMBCrypto showed that its price trend has varied considerably over the past few weeks.

This volatility is visually captured by the widening of its Bollinger Bands, which typically indicates increased market volatility due to significant price moves up and down.

Source: TradingView

At the time of writing, TON was trading at around $6.3, showing a modest increase of over 1%. This slight rise followed a less than 1% increase in the previous trading session.

However, it still fell short of compensating for the over 6% decline experienced two sessions earlier.

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