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Cryptocurrency News Articles
TON (TON) Network Logs 670% Surge in USDT Volume in Six Months, But TON Price Remains Subdued
Nov 04, 2024 at 10:50 pm
The USDT volume on the TON network has crossed $1 billion, according to Burak Kesmeci, a Cryptoquant analyst.
Cryptoquant analyst Burak Kesmeci has reported a remarkable surge in USDT volume on the TON network, highlighting its growing popularity among users.
According to Kesmeci, the TON network has experienced a 670% increase in USDT volume over six months, indicating a strong preference for the Telegram-based blockchain for stablecoin transactions.
In May 2024, the TON network held $130 million in USDT stablecoins, which has now risen to $1.02 billion. This significant increase has prompted several crypto analysts to speculate on how it might influence TON's price.
However, despite the surging stablecoin transaction volume on TON, its native token's price has remained largely unaffected. According to TradingView data, TON is currently trading at $4.83, facing bearish pressure.
The price trend of the TON token contrasts with the increase in stablecoin transactions. At the time of writing, TON's price is 41.8% below its all-time high of $8.28, which was reached in June 2024.
Despite the recent decline, an analysis of the token's price history reveals potential stabilization after finding support in key regions.
In his analysis, Kesmeci also discusses macroeconomic factors that could contribute to the growth of the TON blockchain and other stablecoin-friendly decentralized protocols.
According to Kesmeci, the stablecoin market is expanding rapidly, presenting opportunities for newer blockchain platforms. He also notes the increasing global acceptance of stablecoins, which are being used extensively for cross-border payments and personal transactions.
For example, in South Korea, 10% of commercial transactions are processed using USDT. Given TON's low fees and fast processing, it gains a competitive advantage within the stablecoin ecosystem, as highlighted by Kesmeci.
Crypto users are anticipating that the increasing adoption of the TON blockchain will eventually impact the price of the native token. An analysis of historical data reveals that TON's price climbed 80% between May and June before pulling back.
As the market potentially recovers, the blockchain platform could aim for higher levels, reflecting its growing user base.
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