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 tier-1 cryptocurrencies. Since the start of 2024, its price has outperformed Bitcoin by a staggering 118%, according to the latest analysis by CryptoQuant.

The on-chain analytics firm has now reported that while US traders appear to be bullish on TON, the same cannot be said for traders in Europe.

Mixed feelings on TON

By examining price fluctuations across different trading sessions, CryptoQuant has identified that some investor groups are bullish on TON, and others are more bearish.

According to the data Assembly and production By CryptoQuant The relative price performance of TON over various global trading sessions highlights US investors as the most bullish on the token with many examples of significant positive price changes occurring during the US trading session.

On the other hand, European traders seem 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 in line with past price performance trends, with both positive and negative price movements.

TON had a difficult start due to regulatory hurdles caused by 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 a sensation on the TON blockchain. This web3 clicker game released its token on The Open Network blockchain and dropped over 80 billion NOT tokens to participants this week alone.

TON wave of partnerships and integrations

Telegram has taken a big step towards integrating cryptocurrency and blockchain technology, specifically the TON blockchain, into its platform. In April, a telegram Rolled The ability for advertisers to pay using TON as well as enabling crypto payments to 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 cryptocurrency-backed advertising ecosystem within Telegram.

Later that month, the TON ecosystem was created a partner With HashKey Group, the parent company of a Hong Kong-licensed cryptocurrency exchange, to increase the availability of cryptocurrencies and fiat currencies intermittently for users of the Asia-Pacific region of the wallet service in the messaging app Telegram.

Recently, Tether, the stablecoin issuer, announced the launch of USDT and XAUT tokens on the open network. The move targeted Telegram's 900 million user base.