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American investors lead 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 start of 2024, its price has outperformed Bitcoin by a staggering 118%, according to the latest analysis from CryptoQuant.
The on-chain analytics firm has now stated that while US traders appear to be bullish on TON, the same cannot be said for European traders.
Differing feelings about TON
By examining price fluctuations across different trading sessions, CryptoQuant identified that some groups of investors are bullish on TON, while others are more bearish.
As per data compiled from CryptoQuant, the relative price movement 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 to be the most bearish, as evidenced by multiple instances of negative price changes during the local session.
Meanwhile, Asian session traders appear to be aligning with past trends in price performance, with both positive and negative price movements.
TON had a rocky start due to regulatory hurdles arising from the U.S. Securities and Exchange Commission (SEC). However, he managed to do it expand its ecosystem and increase engagement by attracting both developers and users.
The latest became a project called Notcoin (NOT), designed to introduce users to Web3 sensation on the TON blockchain. This web3 clicker game issued its token on The Open Network blockchain and distributed more than 80 billion NOT tokens to participants just this week.
TON’s flurry of partnerships and integrations
Telegram has taken an important step towards integrating cryptocurrency and blockchain technology, especially the TON blockchain, into its platform. In April, Telegram unrolled the ability for advertisers to pay using TON and enable crypto payments 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 compensation, effectively creating a new crypto-based advertising ecosystem within Telegram.
Later that month, the TON collaborated with HashKey Group, the parent company of the Hong Kong-licensed cryptocurrency exchange, to increase the provision of on- and off-ramping of cryptocurrencies and fiat to Asia-Pacific users of the wallet service in the Telegram messaging app.
More recently, stablecoin issuer Tether announced the launch of USDT and XAUT tokens on The Open Network. The move targeted Telegram’s 900 million user base.