google-news-img

Will Toncoin Outperform Ethereum In This Major Metric?

  • A CryptoQuant analyst claims the TON holder count will overtake Ethereum before 2025.
  • The rate of TON address growth puts Ethereum address growth to shame.
  • Toncoin lacks favor with the bulls, but could this be an opportunity in disguise?

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.

TON address stats | Source: IntoTheBlock
TON address stats | Source: IntoTheBlock

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.

- Advertisement -

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.

TON transactions | Source: IntoTheBlock
TON transactions | Source: IntoTheBlock

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.

Toncoin price action | Source: TradingView
Toncoin price action | Source: TradingView

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

lennox gitonga
lennox gitonga
Lennox is a professional financial market analyst who's enthusiastic about blockchain, cryptos, and web3. He started blogging about cryptos back in 2019 and has since never looked back. His work revolves around looking at crypto-projects analytically on a technical and on-chain level, while also making sure it's palatable to the general audience.