The $TON Network has hit impressive new benchmarks over the past two weeks, recording 1.1 million daily active user addresses and an astonishing 14.4 million daily transactions.

This surge in activity coincides with the recent success of $DOGS, which made history with the largest meme Token Generation Event (TGE) ever, attracting 53 million participants and distributing airdropped tokens to 17 million users.

With the upcoming TGEs for @Catizen and Hamster Kombat scheduled for September, the network is expected to face even greater technical demands, testing its capacity under increased pressure.

Record Transaction Activity

On August 31, 2024, $TON saw a record 8.68 million daily transactions, and the momentum has continued to build. By Friday, September 6, 2024, daily transactions exceeded 10 million, with 701.8K active addresses contributing to this surge.

Despite this significant network activity, $TON’s price remains somewhat subdued, likely impacted by the arrest of Telegram founder Pavel Durov. However, the token has seen a 7% increase in the last 24 hours, suggesting renewed optimism among traders.

Smart Dex Traders Reenter the Market

On-chain data reveals that Smart Dex Traders (SDTs) have resumed buying $TON. During the price dip between August 24 and 28, SDTs purchased 153.4K $TON (roughly $843.8K). Since September 5, they’ve begun acquiring smaller amounts, totaling 44.93K $TON (~$215.7K). Interestingly, there has been little selling pressure during this period.

Over the past three days, $TON has risen more than 10% and is now approaching the average price at which SDTs made their purchases, suggesting confidence in the network’s long-term potential.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: stlegat/123RF / Image Effects by Colorcinch