TON Network Records Double-Digit Surge in the Last Seven Days, Remains Among the Fastest Growing Blockchains This Year

The Ton Network remains among the fastest-growing blockchains this year. This comes on the heels of massive inflows and soaring bullish sentiments in various market sectors.

The Ton Network (TON) blockchain has seen impressive growth in 2024, with a double-digit surge in the token price and the launch of several popular games.

Key Highlights:

TON price trades at $5.60, showing a double-digit surge in the last seven days.

On-chain data reveals a rise in the asset’s supply, now at 5.1 billion TON.

Despite the growth, the circulating supply dipped in early 2024 due to assets being locked up for staking rewards.

On-Chain Analysis

On-chain data from Footprint Analytics shows the asset’s supply stands at 5.1 billion TON, up from 5.01 billion previously. This figure shows an increase, yet the circulating supply dipped in early 2024 due to assets being locked up for staking rewards.

The games Hamster Kombat, Catizen, and DOGS led the pack globally on the Tom networks. “The total supply of TON shows steady growth from ~5.01 billion to ~5.1 billion TON. However, changes in the circulating supply patterns highlight a sharp decline in early 2024 ~2.5 billion, likely due to lockups and staking activities.”

Considering the Masterchain and Workchain data, it is evident that apps and games that function on the workchain on the TON chain spur user activity.

As shown in the above chart, TON transactions have remained relatively level in the last six months except for airdrops involving these tokens. Arbitrum remains a big competitor for the network, outpacing it in several areas within a few months.

The widespread momentum around the network also stems from reports in Q2 2024 that the coin outclassed the market leader, Bitcoin, in many areas.

Exchange Infrastructure Sees Growth

Aside from the increase in mobile user adoption due to new game rollouts, top centralized crypto exchanges have increased infrastructure for the network.

OKX and Binance are expanding their on/off ramp capabilities. Some users also cautioned about the anti-money laundering risk involved due to these entities. A bull market typically leads to inflows from all market sectors, which is no surprise to users.

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