Toncoin (TON) Playing Catch up With Bitcoin, Transactions Go Parabolic

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!

“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

Read… pic.twitter.com/56VjsAGOwL

— CryptoQuant.com (@cryptoquant_com) June 20, 2024

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.

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