The Open Network or TON is on track to conclude 2024 as one of the fastest-growing blockchains 2024. Still, just how much has this network grown so far? Ethereum has been the benchmark through which networks measure their performance, and Toncoin is about to surpass one of Ethereum’s biggest growth metrics.
A CryptoQuant analyst identified as Maartunn recently predicted that TON was on track to surpass Ethereum in terms of holder count. The analysis even predicts that might happen before the end of December 2024.
The analysis was largely based on the observation that TON has been registering at least 500,000 new followers each day for a month at least. ETH had over 120.4 million addresses with balances as per the latest data, while TON had 93.63 million holders with balances at the time of the analysis.
Assessing TON Address Growth Relative to ETH
The data also provided a chance to assess the rate of address growth for a better understanding of just how fast TON has been growing. Address stats from IntoTheBlock revealed that the network had 3.04 million addresses with a balance as of 29 October 2023.
Based on the above figures, TON pulled off a 2,964% year-over-year gain. Ethereum had 100.51 million addresses with balance exactly 12 months ago. It means the number of addresses with balance on Ethereum only grew by 19.79%.
TON addresses with balance, therefore, managed to grow 149 times faster than Ethereum addresses with balance. Most of that growth likely occurred between August and September. That’s because the highest transaction activity in the last 12 months occurred during the aforementioned 2 months.
Daily transactions were highest on 27 September, during which TON achieved a record 15.49 million transactions. The network maintained a healthy daily transaction count so far in October.
The lowest daily transaction count in the last 4 weeks was observed at 3.14 million transactions on 13 October. The highest transaction count so far in October was 6.4 million transactions on 25 October.
Is Toncoin Ready to Bounce Back?
Most of the impact of TON address growth was evident in Toncoin in the first half of the month, during which it experienced a significant upside. For context, the cryptocurrency soared by over 350% from its lowest to its highest level in 2024.
TON has been bearish since June and has since declined by roughly 45% from its 2024 peak. It exchanged hands at $5 at the time of writing. Its weekly performance revealed that it tanked by 3.3% last week.
TON could be on the verge of another bullish rally based on price action analysis. Price previously demonstrated demand resurgence at an important Fibonacci range.
Mapping Fibonacci retracement lines on Toncoin’s 2024 lows and high revealed that a potential pivot would occur between $4.27 and $5.03. It was based on the 0.5 and 0.65 Fibonacci levels, where a pivot is likely to take place.
Price dipped back into the same range last week after the latest bearish outcome. That marks the third time that it has retested the same zone, resulting in some accumulation in the last 3 months.