- TON addresses have been growing fast and were on track to overtake Ethereum soon.
- Toncoin whales and institutional holders have been contributing to sell pressure.
As a seasoned crypto investor with a knack for deciphering market trends and a keen eye for potential, I find myself intrigued by this comparison between Ethereum (ETH) and Toncoin (TON). The rapid growth of TON addresses and its potential to overtake ETH in terms of holder count is indeed fascinating. However, as we all know in the crypto world, past performance is no guarantee of future results.
Among Ethereum (ETH) and Toncoin (TON), it is predicted by a recent CryptoQuant analysis that Toncoin might see an increase in the number of holders, potentially outpacing Ethereum. Both digital currencies have caught investors’ eyes, but TON seems to be on an upward trajectory when it comes to holder growth.
Maartunn’s strong assertion stemmed from the consistent daily follower increase that TON had maintained in recent months. Based on the examination, it was found that TON had been gaining approximately 500,000 new followers per day over the past four weeks.
The network is set to overtake Ethereum towards the tail end of December if it maintains this pace.
Maartunn’s assessment suggested that the number of Ethereum (ETH) holders could potentially rise as well, and there’s a chance the rate at which TON holders grow might decelerate.
How do TON addresses compare with ETH addresses?
On October 26th, there were approximately 113.71 million Total Omnidirectional Network (TON) addresses in existence. Out of these, around 93.18 million contained some form of balance, while the remaining 20.54 million did not hold any balance.
12 months ago, TON’s total addresses were 3.63 million. Since then, it has experienced a growth of approximately 3032%, meaning there are now significantly more addresses on the platform compared to that time.
As an analyst, I’d like to highlight a notable point: As of October 26th, Ethereum boasts a total of 309.32 million unique addresses – a substantial increase compared to the 270.35 million addresses we saw exactly one year ago.
As an analyst, I can express this finding in a more conversational manner: “Year over year, our TON addresses have shown a remarkable 14.42% growth rate. To put this into perspective, this means that the expansion of TON addresses outpaced the growth of Ethereum addresses by approximately 210 times.
Over the past month, it appears that ownership statistics show a decrease in demand for Toncoin. Specifically, data from historical concentration indicates that whale holdings have dropped. On September 26th, whales held approximately 32.63% of the total supply, but as we speak, this percentage has increased slightly to 33.19%.
Investor balances dropped from 26.73% of the supply to 25.51% during the last 4 weeks. Finally, the TON supply held by the retail class grew from 40.65% to 41.31% during the same period.
This indicates that both whales (large investors) and regular investors have been reducing their holdings, whereas retail investors (individual investors) have been increasing them.
Toncoin price action recap
Although many leading cryptocurrencies have continued their upward trend based on the bullish momentum seen in September, Toncoin’s price movement has instead dropped towards retesting the September lows. On October 25th, it reached as low as $4.51, representing a 16% decrease from its weekly peak.
Read Toncoin’s [TON] Price Prediction 2024–2025
In simple terms, the recent crash of TON has sparked renewed interest, causing its price to rise to $4.95 at the moment this text was written.
As an analyst, I find it noteworthy that the recent trends suggest the cryptocurrency is potentially undervalued. This discrepancy might pique the interest of investors seeking attractive entry points at reduced prices.
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2024-10-27 21:12