Toncoin (TON), The Open Network’s native digital asset, is competing with Bitcoin (BTC) for dominance, with parabolic moves in a key metric on the chain. Over the past 24 hours, the price of TON increased by 5.3% to settle at $7.24.
Toncoin competing with Bitcoin
The renowned data analysis platform CryptoQuant claims that the transfer volume per TON varies between 5 and 10 billion dollars.
$TON’s on-chain metrics are going parabolic!
“The volume of transfers varies between $5.0 billion and $10.0 billion. For comparison, the average daily #Bitcoin transfer volume is approximately $50.0 billion. This indicates that #TON has already reached approximately 10% of Bitcoin’s capacity.” – By @JA_Maartun
Read… pic.twitter.com/56VjsAGOwL
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
To put this into perspective, Bitcoin, the world’s leading cryptocurrency, boasts an average daily transfer volume of around $50 billion. This results in TON capturing approximately 10% of Bitcoin’s capacity, a remarkable feat for a project launched just four years ago.
Furthermore, TON is seeing a steady increase in the number of its starters. On-chain data shows a 10-fold increase in token holders over the past year, rising from 2.9 million to a current count of 32 million. This increase in adoption suggests growing interest in the TON ecosystem and its potential applications.
Additionally, the TON blockchain has seen increased activity from large investors, popularly known as whales. According to a previous report by U.Today, whale activity for Toncoin increased by an impressive 376%. At the time of writing, TON’s market capitalization has grown to $17.7 billion, eclipsing Cardano’s (ADA) $14 billion.
Possible factors fueling the growing adoption of TON
The development of applications and features based on the TON blockchain could be a key factor in fueling its growth. TON currently hosts over 650 decentralized applications (dApps) of various types. Significant success has been seen in its “Tap-to-Earn” apps such as Notcoin (NOT), TapSwap, and Hamster Kombat (HAMSTER), which is fueling interest in the market.
Additionally, TON offers unique features such as lightning-fast transaction speeds and low fees, which could attract users to the platform. As the cryptocurrency market continues to evolve, Toncoin’s long-term success lies in its ability to sustain critical support levels.
