Ton Coin Active Addresses Drop, Further Dips Ahead?

Ton coin (TON) active wallet numbers have fallen by more than 90% over one month. It created anxiety about user interaction across their entire network.

Different monitoring tools display an astounding decline in monthly wallet activity from 12 million at the beginning of October 2024 to 2.47 million in late April 2025.

TON’s current situation includes falling Ton coin market value, declining active wallets, and weak technical indicators. They create challenges for TON’s short-term growth as it passes through a cooling period after achieving substantial Q4 2024 market gains.

Data shows TON achieved its highest number of active wallets when it reached 12,063,774 on October 2, 2024, during the transition from Q3 to Q4 of 2024. The TON ecosystem expanded rapidly as Telegram mini-apps entered the scene, while developers became more active at this time.

However, activity has sharply reversed. Monthly active wallets reached 2,471,463 at the end of April 2025 after falling by 9.5 million since the peak. It ended in a 90% reduction.

Data patterns indicate that most participants who joined the network in Q3 2024 either stopped using TON or became inactive. It is evidenced by the usage numbers returning to Q2 2023 levels.

Active wallet address numbers show declining user engagement, which creates a parallel between current metrics and the levels from Q2 2023.

Ton coin Market Cap and Price Action Reflect Slowing Momentum

Toncoin price has decreased in a way similar to its corresponding path. When writing, Data from CoinMarketCap showed TON trading at $3.14 with a daily loss of 2.62%. Its monthly performance amounts to -16%.

Since its early April peak above $3.75, TON price has experienced a major market downturn. That has reduced its value by more than $0.60 despite having a $7.81 billion market capitalization.

The last 24-hour transactions at press time reached $118.82 million. It showed a slight 6.95% increase compared to previous periods. The trading volume was still low at 1.51% against the market capitalization.

Technical Analysis: Toncoin Testing Key Support Levels

Analyzing technical indicators supports that Toncoin price needs to defend various support levels to avoid further price drops. Prices show a downward trend as they fell beneath their 50-day (yellow line) and 100-day (green line) moving averages, as per the 4-hour candlestick chart.

The token maintains a position near the 200-day moving average at $3.09 and may prevent further declines.

Technical indicators based on 50-SMA at $3.222 and 100-SMA at $3.090 showed weakening upward price movement. They were currently separate from the price instrument. TON’s price dropped below its previous average range. That indicated a bearish orientation for short-term market performance.

A declining movement in the Relative Strength Index (RSI) at 41.40 suggested that overbought territory could be coming soon. The negative market sentiment remained strong as there were no signs from buyers to reverse the trend at current price points.

A lack of buyer interventions at $3.09–$3.10 may trigger TON to return towards the sub-$3.00 psychological area. This is provided that broader market conditions weaken.

The initial pace that Telegram gained through its TON blockchain integration with Web3 mini-apps has not translated into durable, long-term operational activity, according to current statistics.

Active wallet engagement among Telegram’s massive user base declined while the system continues to benefit from 800 M+ users. However, access appears mostly passive or concentrated in limited applications.

The rekindling of usage needs developer activity and ecosystem growth, although the current data demonstrates declining trends. TON faces the risk of falling behind other Layer 1 systems as it does not have new incentives or product releases.