Toncoin (TON), the native digital asset of The Open Network, is competing with Bitcoin (BTC) for dominance, with parabolic moves in a key on-chain metric. In the last 24 hours, TON price increased by 5.3% to trade at $7.24.
Toncoin (TON), the native digital asset of The Open Network, is competing with Bitcoin (BTC) for dominance, with parabolic moves in a key on-chain metric. In the last 24 hours, TON price increased by 5.3% to trade at $7.24.
Toncoin competing with Bitcoin
Renowned data analytics platform CryptoQuantum says that TON’s transfer volume ranges between $5 billion and $10 billion.
To put this into perspective, Bitcoin, the world’s leading cryptocurrency, boasts an average daily transfer volume of around $50 billion. This translates to TON capturing approximately 10% of Bitcoin’s capacity, a remarkable feat for a project that launched just four years ago.
Alex DovbnyaFurthermore, TON is witnessing a steady increase in its number of holders. On-chain data shows a 10x increase in the number of 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 Guru-Investingwhale activity for Toncoin has increased by an impressive 376%. At the time of writing, TON’s market cap has risen to $17.7 billion, eclipsing Cardano’s (ADA) $14 billion.
Possible factors driving increasing TON adoption
The development of applications and functionalities based on the TON blockchain could be a key factor driving its growth. Currently, TON hosts over 650 decentralized applications (dApps) of various types. Notable success has been seen in its “Tap-to-Earn” applications such as Notcoin (NOT), TapSwap, and Hamster Kombat (HAMSTER), which is generating interest in the market.
Gamza KhanzadaevAdditionally, TON offers unique features such as ultra-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 maintain critical support levels.
