TON network reaches 100 million users
The Open Network (TON), a blockchain linked to the social platform Telegram, has reached a new milestone in its history. According to data from a CryptoQuant analyst, TON reached the 100 million user mark this week.
CryoptoQuant's calculation takes into account unique wallet addresses with non-zero balances. This indicates that new people have entered the network and started moving TON and other tokens for the first time.
This number marks a 95% increase in active users since the beginning of the year. In fact, the TON network opened 2024 with “only” 4.3 million addresses, but the number grew exponentially over the months.
This growth occurred mainly from the second half of the year, when TON began to receive several memecoins. Projects like Notcoin and Hamster Kombat brought thousands of new users to the network, boosting these numbers.
What's behind TON's growth?
TON's surge in active users stems from its ties to Telegram, which has 900 million users. Although the social messaging platform created the blockchain, under the name Telegram Open Network, plans to integrate it into its ecosystem fell through.
As a result, Telegram officially abandoned the network, but a new team of developers continued to operate the network. They made TON revive and grow again, which led Telegram to offer support again, now indirectly.
This new interest began in September 2023, when Telegram launched its cryptocurrency wallet on TON. In 2024, the network saw several game projects emerge, such as Hamster Kombat. But the first of them was Notcoin, which attracted millions of users.
Other projects, such as Dogs and Hamster Kombat, followed soon after, capturing the attention of millions of people. More Telegram-based games flooded the app, leading to more growth. Today, TON is the 11th largest blockchain by market cap, with over $13 billion.
Will TON price continue to rise?
Despite reaching 100 million addresses, TON failed to impress and opened the day down 0.2%. Its price dropped to $5.20 and the token lost its place in the Top 10 to Tron.
The current price represents a 37% drop from its all-time high of $8.24 recorded in June 2024. This drop contributed to cooling interest in the token, even with the strong growth in network activity.
Last month, 80% of TON investors recorded a loss due to the token's sharp decline. But if the ecosystem grows again, this downward trend could change and make investors record new profits.