(MENAFN- eTrendy Stock)
The number of daily active addresses for TRON (TRX) and Toncoin (TON) surged on Aug. 27 despite both CryptoCurrencies experiencing price declines.
IntoTheBlock data showed that Tron's active addresses increased by 13%, reaching 2.56 million unique wallets. Similarly, Toncoin noted a rise of 79% in active addresses, reaching an all-time high of 2.23 million.
Top 5 crypto Projects by Daily Active Addresses | Source: IntoTheBlock
TRON And Toncoin
Network Activity Turns Positive
Moreover, the total number of non-zero TRX addresses on the Tron network is at an all-time high of 110.78 million, with Toncoin's total non-zero addresses reaching 43.82 million - this surge in activity positions Tron and Toncoin well ahead of other major cryptocurrencies.
Bitcoin (BTC) is in third place with approximately 675,000 daily active addresses, reflecting its continued role as a store of value rather than a heavily utilized network. Ethereum (ETH) follows with 528,360 active addresses, up 7.85% over the past 24 hours. Litecoin completes the top 5, with approximately 287,000 daily active addresses, although it has noted a 7% drop in its user activity.
Price Decline Amid Active Address Growth
Despite the rise in active addresses, Tron's price declined by 2.2% over the past 24 hours, trading at $0.16 at the time of writing per Coingecko data. The cryptocurrency has a market capitalization of $14 billion and a daily trading volume of $800 million.
Toncoin's price is down by 3.5% over the same period. It is currently trading at $5.46, and its market cap is $13.6 billion, making it the 10th largest cryptocurrency by market capitalization.
80% of TON Holders in Loss
According to IntoTheBlock data, 99% of TRX holders are currently in profit, benefiting from the asset's previous gains. However, over 80% of TON holders are at a loss, highlighting the recent challenges facing Toncoin.
The increase in Toncoin's active addresses comes in the wake of recent developments surrounding Telegram CEO Pavel Durov. Although Durov was recently arrested and subsequently released, the incident partly contributed to investor uncertainty, reflected in the decline in TON's price.
MENAFN27082024007158015398ID1108607733
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.