This indicates that most Toncoin holders acquired their tokens around the current price level, which is $5.
This makes the current price an attractive entry point for those looking to invest. The price correction following Toncoin’s bullish run in early September has created anticipation among traders. Meanwhile, 4% of addresses are in profit, and 16% are at a loss. If it breaks below this support, it could signal a bullish movement for cryptos, including Toncoin.
However, if USDT holds its position, it may indicate a continuation of the current trend, potentially putting downward pressure on the TON price. According to recent developments, TON has been playing a key role in the wider adoption of cryptocurrency, especially through stablecoins like USDT.
As an entry point into the crypto market, stablecoins have become essential, and USDT on the TON blockchain has been growing rapidly in popularity. Over the last 30 days, USDT transactions on TON reached over 4.5 million, with transaction volumes exceeding $300 million. The rise of USDT on TON leads to a deeper examination of USDT’s market dominance and its effect on TON’s price.
As of press time, USDT’s dominance sits at 5%, with its highest point recorded during the August market crash when most cryptocurrencies saw significant declines. TON’s price action has been consolidating within a range, adhering to a descending trendline since the beginning of the fourth quarter, with TON seeming to have found a bottom around a FVG zone.
The increasing adoption of stablecoins, particularly USDT, on the TON blockchain suggests that a long-term bullish outlook for TON could be on the horizon. Currently, USDT dominance is trending downwards and approaching a critical support level. While Toncoin’s growing integration with stablecoins supports a long-term bullish outlook, traders should remain vigilant for any short-term corrections that could impact the price.
As USDT’s popularity continues to grow, more stablecoins are likely to be converted into TON, which will boost demand for the cryptocurrency.
Further analyses of the profitability of active addresses on the TON blockchain reveal that approximately 80% of addresses are “at the money,” meaning they are neither at a loss nor profit.
Stablecoin Popularity on TON Network Grows as USDT Dominates the Market
Toncoin (TON), the cryptocurrency associated with the The Open Network blockchain, has been gaining a significant following among crypto enthusiasts.
