US Investors Drive Toncoin Rally, Europeans More Bearish – CryptoQuant

Toncoin (TON), The Open Network’s native blockchain token, has become one of the most popular Layer 1 cryptocurrencies. Since the beginning 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 stated that while US traders appear to be bullish on TON, the same cannot be said for traders in Europe.

Divergent feelings about TON

By examining price fluctuations in different trading sessions, CryptoQuant identified that certain groups of investors are bullish on TON and others are more bearish.

According to data collected by CryptoQuant, the relative price performance of TON during the different global trading sessions highlights that US investors are the most bullish on the token with numerous instances of significant positive price changes during the US trading session .

On the other hand, European traders seem the most bearish, as evidenced by the multiple instances of negative price changes during the local session.

Meanwhile, Asian session traders seem to be aligning with past trends in price performance, with both positive and negative price movements.

TON got off to a rocky start due to regulatory hurdles stemming from 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 the latest sensation on the TON blockchain. This web3 clicker game has issued its token on The Open Network blockchain and released over 80 billion NO tokens to participants this week.

TON’s flurry of partnerships and integrations

Telegram took a major step towards integrating cryptocurrency and blockchain technology, specifically the TON blockchain, into its platform. In April, Telegram implemented the ability for advertisers to pay with TON and enabled 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 payments, effectively creating a new crypto-based advertising ecosystem within Telegram.

Later that month, the TON ecosystem partnered with HashKey Group, the parent company of the Hong Kong-licensed crypto exchange to increase the provision of crypto and fiat activation and withdrawal to users in Asia- Pacific wallet service in the Telegram messaging app. .

Most recently, stablecoin issuer Tether announced the launch of USDT and XAUT tokens on The Open Network. The move was aimed at Telegram’s 900 million users.

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