Toncoin (TON), the native token of The Open Network blockchain, has become one of the leading Layer 1 cryptocurrencies. Since the start of 2024, its price has surged by an impressive 118% compared to Bitcoin, according to the latest analysis from CryptoQuant.

The on-chain analytics company has observed that U.S. traders show a bullish sentiment towards TON, whereas European traders are more bearish.

Diverging Sentiments on TON

CryptoQuant's analysis of price fluctuations during various trading sessions revealed contrasting sentiments among investor groups. Data indicates that American investors are the most bullish, with significant positive price changes frequently occurring during U.S. trading sessions. Conversely, European traders are the most bearish, often showing negative price changes during their local trading sessions. Meanwhile, traders in the Asian sessions exhibit a mix of positive and negative price movements, consistent with past performance trends.

TON initially faced challenges due to regulatory issues with the U.S. Securities and Exchange Commission (SEC). Despite this, it has expanded its ecosystem and increased engagement by attracting both developers and users.

A new project called Notcoin (NOT), designed to introduce users to Web3, has become popular on the TON blockchain. This Web3 clicker game issued its token on The Open Network blockchain and airdropped over 80 billion NOT tokens to participants this week.

TON’s Flurry of Partnerships and Integrations

Telegram has significantly integrated cryptocurrency and blockchain technology, particularly the TON blockchain, into its platform. In April, Telegram enabled advertisers to pay with TON and allowed content creators to receive crypto payouts using the token, creating a new crypto-powered advertising ecosystem within the messaging app.

Additionally, in April, the TON ecosystem partnered with HashKey Group, the parent company of a Hong Kong-licensed crypto exchange, to enhance crypto and fiat on- and off-ramping for Asia-Pacific users of the wallet service in Telegram.

More recently, Tether announced the launch of USDT and XAUT tokens on The Open Network, aiming to leverage Telegram’s 900 million user base.