u.today
Toncoin ($TON), the native digital asset of The Open Network, is competing with Bitcoin’s (BTC) dominance, with parabolic movements in a key on-chain metric. Within the past 24 hours, $TON’s price increased by 5.3% to trade at $7.24.
Toncoin competing with Bitcoin
Renowned data analytics platform CryptoQuant says the transfer volume for $TON ranges between $5 billion to $10 billion.
On-chain metrics of $TON are going parabolic!
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
“The transfer volume ranges between $5.0B ~ $10.0B. For comparison, #Bitcoin's average daily transfer volume is around $50.0B. This indicates that #$TON has already achieved between 10% Bitcoin's capacity.” – By @JA_Maartun
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To put this in perspective, Bitcoin, the world’s leading crypto, boasts an average daily transfer volume of about $50 billion. This translates to $TON capturing roughly 10% of Bitcoin's capacity, a remarkable feat for a project that launched only four years ago.
Additionally, $TON is witnessing a steady increase in its number of holders. On-chain data shows a 10x increase in token holders over the past year, jumping from 2.9 million to a current count of 32 million. This rise in adoption suggests a growing interest in the $TON ecosystem and its potential applications.
Moreover, the $TON blockchain has seen increased activity from large investors, popularly known as whales. According to an earlier report by U.Today, whale activity for Toncoin has surged by an impressive 376%. At the time of this writing, the market capitalization of $TON has grown to $17.7 billion, eclipsing Cardano’s (ADA) $14 billion.
Possible factors fueling $TON’s growing adoption
The development of applications and functionalities built on the $TON blockchain could be a key factor fueling its growth. $TON is currently hosting over 650 decentralized applications (dApps) of various types. Notable success has been seen in its "Tap-to-Earn" apps like Notcoin (NOT), TapSwap and Hamster Kombat (HAMSTER), which is fueling interest in it on the market.
Also, $TON offers unique features like lightning-fast transaction speeds and low fees, which could be attracting users to the platform. As the crypto market continues to evolve, Toncoin’s long-term success lies in its ability to sustain critical support levels.