American Investors Drive Toncoin Rally, Europeans More Bearish: CryptoQuant
Toncoin (TON), the native token of The Open Network blockchain, has emerged as one of the most popular Layer 1 cryptocurrencies. Since the beginning of 2024, its price has outperformed Bitcoin by a staggering 118%, as per the latest analysis by CryptoQuant.
The on-chain analytic company has now stated that while US traders appear to be bullish on TON, the same cannot be said for traders in Europe.
Diverging Sentiments on TON
By examining the price fluctuations across different trading sessions, CryptoQuant identified that certain investor groups are bullish on TON, and others are more bearish.
As per data compiled by CryptoQuant, the relative price performance of TON during different global trading sessions highlights American investors as the most bullish on the token with numerous instances of significant positive price changes occurring during the US trading session.
On the other hand, European traders appear the most bearish, as evidenced by multiple instances of negative price changes during the local session.
Meanwhile, Asian session traders seem to align with past price performance trends, with both positive and negative price movements.
TON’s had a rough start due to regulatory hurdles stemming from the US Securities and Exchange Commission (SEC). However, it has managed to expand its ecosystem and increase engagement by attracting both developers and users.
A project called Notcoin (NOT), designed to introduce users to Web3, has become the latest sensation on the TON blockchain. This web3 clicker game has issued its token on The Open Network blockchain and airdropped more than 80 billion NOT tokens to participants just this week.
TON’s Flurry of Partnerships, Integrations
Telegram took a major step towards integrating cryptocurrency and blockchain technology, specifically the TON blockchain, into its platform. In April, Telegram rolled out the ability for advertisers to pay using TON as well as enabling crypto payouts for content creators on the messaging app using the token.
The integration essentially allowed advertisers to pay with TON and content creators to earn TON payouts, effectively creating a new crypto-powered advertising ecosystem within Telegram.
Later that month, TON ecosystem partnered with HashKey Group, the parent company of the Hong Kong-licensed crypto exchange to ramp up provision for on- and off-ramping of crypto and fiat to Asia-Pacific users of the wallet service in messaging app Telegram.
More recently, the stablecoin issuer Tether announced the launch of USDT and XAUT tokens on The Open Network. The move targeted Telegram’s 900 million user base.
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