670% Increase in 6 Months: USDT on the TON Network Surpasses $1 Billion!

The Toncoin price saw a slight uptick on Monday morning, rising by 1.19% from a 24-hour low of $4.67 to a peak of $4.90 in the past day.

The price of Toncoin rose slightly on Monday morning, increasing by 1.19% from a 24-hour low of $4.67 to reach a peak of $4.90 during the day. This follows the remarkable growth of Toncoin’s [TON] USDT stablecoin, which has now surpassed the $1 billion mark after experiencing a +670% rise over six months.

According to a recent analysis by CryptoQuant, the TON network has mirrored the broader expansion of the global stablecoin market. These stablecoins, including Tether’s USDT, USDC, DAI, and First Digital USD (FDUSD), are now widely used for international transactions and personal payments around the world.

670% Increase in 6 Months: USDT on the TON Network Surpasses $1 Billion!

“In May 2024, the $TON blockchain held only $130 million worth of USDT, but over six months, this amount surged by 670% to reach $1.02 billion.” – By @burak_kesmeci

Link ?https://t.co/inwMcs3Tq4 pic.twitter.com/UnOk3QNFAI

— CryptoQuant.com (@cryptoquant_com) November 2, 2024

Countries such as South Korea have also begun to utilize stablecoins, with reports indicating that 10% of all commercial transactions in the country are now being executed with USDT.

However, the TON blockchain has emerged as a competitive choice for stablecoins due to its low transaction fees and rapid processing speed. Its holdings have increased more than 6.7 times, rising from $130 million USDT in May 2024 to reach $1.02 billion by late October.

“This rapid increase indicates a growing preference for TON among users, establishing it as a notable player in the stablecoin ecosystem,” the report noted.

Notably, the average transaction fee on TON stood at $0.061 as of June 2024, which has since decreased to $0.035 as of October.

Toncoin price prediction

The price of Toncoin has risen consistently throughout 2024, registering a growth rate of 113.59%. This follows the successful launches of Telegram games, including Notcoin (NOT), DOGS (DOGS), Catizen (CATI), and Hamster Kombat (HMSTR), which have fostered a strong on-chain community and attracted new investments and active participation.

Currently, the price of Toncoin is $4.82, showing a slight increase of 1.19% in the last 24 hours. If the optimism within the ecosystem and the ongoing bull market continue, the price may rise further, potentially surpassing its previous all-time high and reaching $20.

Toncoin (TON) Yearly Price Chart | CoinMarketCap

Meanwhile, reaching the $20 level would entail an additional gain of over 100% from the last all-time high, which was recorded on June 15, 2024, when it peaked at $8.24 for the first time. Since then, it has dropped by approximately 41.22%.

The current market sentiment for Toncoin (TON) is bearish, with 22 technical indicators suggesting downward trends and only 6 indicating bullish trends. However, despite this, significant price increases are still anticipated in the coming weeks and months.

The projected 200-day SMA is expected to rise to $6.70 by December 4, 2024, while the 50-day SMA is estimated to reach $7.78 by the same date.

Read more: TON Price Prediction for October 2024: Could Toncoin Overtake Solana?