Toncoin Hits 600,000 Active User ATH as Telegram Mini Apps Explode
Toncoin (TON) Hits Record 600,000 Daily Active Users as Telegram Mini-Apps Surge in Popularity.
Key Takeaways:
- Toncoin (TON) is a layer-1 blockchain developed by the Telegram messaging app. It is used to implement various apps and services into the Telegram ecosystem.
- The Ton blockchain enjoyed over 600,000 daily active users on Sunday, June 2, marking a new user count all-time high.
- TON has been attracting attention from investors as Telegram mini-apps created on the Ton blockchain explode in popularity.
Toncoin (TON) is an innovative layer-1 blockchain initially created by Telegram. Originally dubbed the Telegram Open Network, TON named the project The Open Network following intervention from the SEC, which saw the development of Toncoin handed off to an independent community.
Initially limited to 5 billion tokens, Toncoin now boasts an unlimited supply, with around 5.1 billion TON circulating. The project has introduced a mechanism to limit the amount of new TON minted, targeting a 2% inflation rate.
Despite Telegram handing off development, Toncoin is still directly linked with the messaging app. People can use the Wallet mini app to send, receive, and store TON and other cryptocurrencies directly on Telegram while interacting with other web3 applications. Moreover, TON is the underlying network powering many of the most popular mini-apps and tap-to-earn projects on Telegram.
Related story: Toncoin In-App Advertising System Causes TON Demand to Surge
TON is available on some of the leading altcoin exchanges, including Bybit, KuCoin, and OKX. Moreover, some users speculate that the token will be listed on Binance because some TON-based assets, like NOT, are already on the exchange. If Binance lists TON, demand for the token will hugely increase, likely sending the price upward.
Why Did Toncoin Hit an Active User ATH?
On Sunday, June 2, Toncoin hit a new all-time high for the number of active wallet addresses on the network. The project achieved an outstanding 605,900 users, surpassing its record of around 580,000 by more than 3.5%.
The recent success of Toncoin is due to the increased demand for Telegram tap-to-earn projects. For example, Notcoin (NOT) is a play-to-earn project built on the TON blockchain, accessible via Telegram. After trading on the open market for just over two weeks, the project hit a $2.2 billion market cap.
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Another success story in the TON ecosystem is Catizen, a Telegram mini-app built on the Toncoin network. The tap-to-earn project recently celebrated hitting over 1.5 million daily active users, indicating a massive demand for mini-apps integrated into Telegram.
As these projects are built on the Ton blockchain, they cause significant demand for the TON token and contribute heavily to the overall Toncoin market cap. Moreover, Ton-based Telegram mini-apps are becoming more advanced than simple tap-to-earn games. They provide services like anonymous eSIMs and in-built crypto wallets, so we could see even more money pour into the Toncoin ecosystem.
The Future of Toncoin
Telegram has over 1 billion users and is arguably one of the most important platforms in the cryptocurrency space. Basic TON-powered tap-to-earn projects like Catizen are already performing exceptionally well. With Toncoin adding new utilities, like monetizing your channel, to Telegram via mini-apps, most users will likely be directly or indirectly involved in the TON ecosystem.
Toncoin is already one of the most significant cryptocurrency projects available, boasting a market cap of almost $16 billion. TON's performance is tied to the success of Telegram's mini apps. As Telegram's offerings expand and developers create more TON-based projects, demand for the network and the TON token will likely grow.
Jay Leonard
Jay has been providing commentary on the cryptocurrency market and offering readers guidance for over three years. While primarily focused on fundamental analysis and what institutional adoption means for the industry, Jay also has experience with technical analysis, actively trading and investing in a wide range of assets.
