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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Toncoin Transfer Volume Hits $10 Billion, Social Appeal Soars

Christian Encila
Christian Encila
Last Updated: July 10, 2024 10:33 am
3 mins read
Toncoin

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Designed by messaging app behemoth Telegram, Toncoin is causing waves in the bitcoin scene. Leading crypto analysis tool CryptoQuant just released a study showing Toncoin as one of the blockchain networks with quickest growth. Although well-known heavyweights like Bitcoin rule supreme in daily transaction volume, TON’s growth indicators show a striking image of a network ready for a breakout.

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Transaction Velocity: A David-Vs-Goliath Story

TON’s daily volume lies between $5-$10 billion whereas Bitcoin handles an amazing $50 billion in transactions daily. This initially seems to fit a David-and– Goliath story. One important consideration, though, is TON is only four years old—a tiny pup in comparison to Bitcoin’s seasoned presence. Given a young network, this fast rise in transaction volume points to a growing need for TON’s capabilities—especially for enabling significant digital asset transfers.

On-chain metrics of $TON are going parabolic!

“The transfer volume ranges between $5.0B ~ $10.0B. For comparison, #Bitcoin‘s average daily transfer volume is around $50.0B. This indicates that #TON has already achieved between 10% Bitcoin’s capacity.” – By @JA_Maartun

Read… pic.twitter.com/56VjsAGOwL

— CryptoQuant.com (@cryptoquant_com) June 20, 2024

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TON coin holders have increased 10 times over the past year, rising from 2.9 million to over 30 million according to crypto research. This increase in user acceptance points to a developing network confidence and might open the path for a more strong and lively TON ecosystem. Greater user base results in more developer talent, more chances for innovation, and finally a stronger network effect drawing even more users.

Messaging App Integration: A Catalyst For Crypto Adoption?

TON’s special edge comes from its relationship to Telegram, one of the most often used messaging programmes worldwide with about 900 million users. For the acceptance of cryptocurrencies, this integration might completely transform things.

TON market cap currently at $17.6 billion. Chart: TradingView

Challenges Ahead For Toncoin

Still, there are obstacles to go past. The legal environment around cryptocurrencies is still complicated, hence TON will have to negotiate obstacles if it is to reach general acceptance. Furthermore unresolved are issues about the TON network’s scalability. Can it manage the enormous user flood that integration of Telegram would cause?

TON price down in the last week. Source: Coingecko

As TON shows remarkable user and transaction volume, its token price has not exactly matched this excitement. TON dropped 0.5% last 24 hours and 10.4% over the past week.

Featured image from California Business Journal, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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