Altcoin
TON’s 10% fall – Why Telegram’s new USDT policy isn’t helping
While most would expect TON to profit on the charts, that hasn’t been the case.
- Telegram Wallet announced that it won’t impose any fees for transferring USDT to other wallets on the TON network
- Activity on the Ton network soared while the price continued to fall
Telegram Wallet is in the news today after it announced that it won’t charge any fees for taking out USDT to other wallets on the Toncoin [TON] network until the end of June. The TON Foundation is putting up 11 million Toncoin to encourage people to use USDT on TON.
However, here it’s important to note that USDT on TON is not currently available to users in the United States. There might be regulatory reasons behind this limitation.
Source: Telegram
New changes on TON
This could significantly increase USDT circulation and use on TON, making it a more attractive platform for USDT transactions. With more users and transactions, TON could see a hike in overall network activity. This could translate to potentially more transaction fees which can fuel TON’s security and development in the future.
In terms of overall activity, it can be seen that the number of daily active users on the network grew by 19.6% over the past month. Moreover, the revenue generated by TON also appreciated by 266.3% during this period as well. If the USDT incentive system for TON goes well, it may aid the network in generating even more revenue and keep it on a positive trajectory.
Source: Token Terminal
Additionally, according to Token Terminal’s data, the number of core developers on the network hiked by 22% in the last 24 hours. Also, the number of code commits surged by a massive 179% too.
More developers can fuel a wider range of applications and features on TON, enriching the overall user experience and attracting a larger user base. As developers build more on TON, the network can benefit from their code and functionalities, potentially leading to improved scalability and transaction processing capabilities.
How is TON doing?
Despite these positive updates on the network, TON has been seeing red lately. At press time, TON was trading at $6.16, with its price down by 10.79% over the last 24 hours. Coupled with that, the network growth for TON also declined over the last few days. This could be a sign that new addresses have lost interest in the TON token.
Read Toncoin’s [TON] Price Prediction 2024-25
If new addresses continue to not show interest in TON, the price could fall further in the future.
Source: Santiment
