- Over the past few weeks, Toncoin has seen a significant increase in open interest.
- The growth of the network has slowed, which indicates a decrease in interest from new addresses
Toncoin [TON] TON was not affected much by the volatility of the markets and the bearish mood. The success of Toncoin and its scale is worth examining.
Check out TON’s Interest
TON has seen a remarkable surge in value lately, hitting a new all-time high of over $8.20 in mid-June – A milestone unmatched by most other altcoins since the bull run of 2021. Much of the heightened interest in TON over the past year can be attributed to its close association with Telegram – A messaging app that boasts a staggering user base of over 1 billion.
Source: Kaiko
Token trading has grown significantly. Dollar and asset trade volumes both increased substantially. This indicates a rise in TON’s demand that goes beyond mere speculation. TON has also seen its liquidity increase dramatically, as the 1% depth of market rose from $2.5m in January to a staggering $8m by July.
The TON Open Interest reached a new record of $287,000,000 in early July. This is a sign that there has been influxes of capital into this token. The funding rates fluctuated between negative and positive territory all year. It can be taken as traders having bullish or bearish feelings.
Recent months are more even, with long and short positions taken.
Source: X
Retail and institutional investors can be attracted by the combination of high prices, an increased volume of trading, and increasing liquidity. The broader market and potential demand for TON could soon be a result.
What do the data on chain say?
TON traded at $7.36 as of the time this article was published. The price has increased 0.12% since yesterday.
AMBCrypto’s analyses of Santiment’s data showed that the growth rate for TON’s network has decreased. The data indicated that interest shown by new addresses in TON was significantly down.
Click Here to Read Toncoin (TON) Price prediction 2024-25
This also indicates that TON’s frequency has decreased.
This combination suggests that TON prices could move sideways in the short-term, but not dramatically.
Santiment
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Source: ambcrypto.com
