Tonchain’s daily active users are falling as Telegram crypto wanes, dropping from over 5M to 1M users as Hamster Kombat (HMSTR) interest fades. Will the TON price follow?
After Ethereum, BNB Chain, and Solana, there is Tron and then Tonchain.
Here’s the thing: Ethereum takes advantage of its first-mover advantage, which explains the deep ecosystem. Solana is billed as the superior version of Ethereum, while the BNB Chain has Binance, a crypto giant.
Tron has evolved from a gaming host to a hub for stablecoin transfers and now focuses on meme coins. Up next is Tonchain and Toncoin.
TON Price is Under Pressure: Tonchain Rising, But Losing Users
Admittedly, Toncoin faced challenges before becoming what it is today. The link to Telegram was a significant issue in the past, which explains why the Tonchain public ledger operates on a non-profit basis.
Telegram still influences an external supporter, through which Tonchain has literally “harvested” many users.
The problem is that Bitcoin and crypto prices, apart from GOAT and other quality meme coins like Pepe Unchained, are struggling for momentum.
Toncoin has not been spared.
After listing on Binance, the brief burst in momentum lifted prices to record highs. But TON price is now down, dropping -40% from the recent swing high.
(TONUSDT)
More bad news: The Tonchain party is winding down, and TON could be set for more pain.
Let me explain. IntoTheBlock data reveals that after Tonchain posted as many as five million daily active users, this number has shrunk to a worrying 1 million.
What’s Going On With TonChain?
This, by any count, is a sharp drop.
So, what’s the deal? Can it be the stormy market conditions?
The truth is that many users are choosing to empty their TON wallets as excitement around mini apps fades.
In early Q3, tap-to-earn games like Notcoin and Hamster Kombat drew hundreds of thousands, if not millions, of users daily.
According to DappRadar, Hamster Kombat made ten transactions on the last day while attracting just 13 users.
(Source)
Players were scrambling to receive airdrops. And it came to pass, only that their respective tokens didn’t fly as many expected.
The result? Most airdrop recipients choose to exit and leave the Tonchain ecosystem altogether.
While these games are still present, they are not as exciting as they used to be, looking at the numbers.
The Pavel Durov Arrest Has Dented TON’s Trajectory
Then, there is the impact of the Pavel Durov arrest.
True, TON shook off FUD and steadied even after the extended detention in France.
When Durov was apprehended, many said it was a direct assault on free speech, which Telegram supported.
With this arrest, many people think authorities, not just in France, are putting pressure on Durov, Telegram, and its executive to censor users–this is not cool at all.
Telegram may not be as private as it claims, so Tonchain may lose users. This partly explains the rapid decline in daily active users.
DISCOVER: The Best Telegram Meme Coins to Buy in 2024
Will TON Price Recover? The TonCoin Team Are Building
Even so, it’s not all doom and gloom.
TON is firm and may blast higher in this “Uptober” and for the better part of Q4 2024 if, well, Bitcoin allows.
Then again, Toncoin is rapidly improving its ecosystem, judging from the USDT TVL and many other partnerships.
(Source)
This week, the team announced the improvement of the Symbiosis TON Bridge, which will make USDT on Tonchain accessible to over 34 networks.
EXPLORE: Is POPO Ready To Break Out From the Accumulation Zone?
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