- Toncoin is growing in stature and gaining significance in the cryptocurrency industry.
- TON holders could surpass ETH holders before the end of the year.
- The TON network gained 500,000 holders daily in the past month.
TON, the native token of “The Open Network” blockchain protocol, is growing in stature and gaining significance in the cryptocurrency industry. A Cryptoquant analyst recently compared the novel blockchain token with the more prominent Ethereum (ETH), noting that TON holders could surpass ETH holders before the end of the year.
In a recent post, the Cryptoquant analyst stated that ETH has 137 million holders, while 112 million users currently hold TON. However, he highlighted the TON holders’ growth rate as a crucial factor and the tailwind that could push the blockchain token to the predicted target. According to the analyst, TON gained an average of 500,000 users daily in the past month.
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Despite the impressive growth rate, the analyst highlighted two crucial assumptions that could determine the prediction’s outcome. He noted that the TON users’ growth rate could slow down. He foresees a lower estimate that could extend the date when TON users will surpass Ethereum’s to February 2025.
The analyst also factored in the increasing number of ETH holders. Although Ethereum users’ growth rate has reached a plateau, the Cryptoquant analyst believes the slow growth rate would affect the crossover date. Nonetheless, he remains adamant that it is a matter of time before the crypto industry will have more TON holders than there are ETH holders.
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Meanwhile, TON’s 2024 spike in value reflects an impressive adoption rate. TON surged nearly 350% between January and June this year, reaching an all-time high of $8.28. The altcoin has retraced in the past four months, trading for $4.95 at the time of writing, according to data from TradingView.
TON’s surging number of holders, as revealed by the Cryptoquant analyst, gives credence to the crypto token’s growth. It suggests organic adoption backs the growth, with the potential to maintain a high level of decentralization. Surpassing Ethereum in the number of token holders would mark a significant milestone for TON, the token behind a community-driven project designed to enable fast transactions and support a variety of DApps.
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