The TON network, a blockchain project, has seen a significant drop in its daily active users. According to IntoTheBlock, a crypto analytics firm, the network currently has around 1.58 million users, down from a peak of over 5 million.
What’s Going On?
The decline in user activity is a bit of a head-scratcher. While the network saw a surge in users in September, likely due to the popularity of crypto gaming, the number has since plummeted.
Analysts point to a few possible reasons for this downturn:
- Telegram’s Troubles:
The TON network is closely linked to Telegram, and recent issues with the messaging app, including the arrest of its founder Pavel Durov, might be impacting user confidence.
- Market Uncertainty: The broader crypto market is experiencing some volatility, which could be contributing to the decline in user activity.
Toncoin’s Struggles
The drop in user activity is also reflected in the price of Toncoin, the network’s native cryptocurrency. Toncoin has been struggling to maintain its upward momentum, trading at around $5.20 – $5.30, down from a high of $5.60 in early October.
The Future of TON
It’s still too early to say whether this decline in user activity is a temporary blip or a sign of more serious problems. The network’s future will likely depend on a number of factors, including the resolution of Telegram’s issues, the overall health of the crypto market, and the development of new and exciting applications for the TON network.
