- The rise of Toncoin (TON) has been remarkable, with its daily active addresses surpassing Ethereum’s since the start of the month.
- This surge has resulted in a strong positive sentiment surrounding TON, marking the first time it has been so since early June.
- Notably, Toncoin’s unprecedented growth has led many to call it “the flippening,” driven significantly by Telegram’s extensive user base.
Toncoin outpaces Ethereum in daily active addresses, igniting debate about its potential. Discover insights and impacts in our latest crypto news article.
Toncoin Outperforms Ethereum in Daily Active Addresses
Recently, Toncoin, the blockchain associated with Telegram, has experienced greater activity than the well-established Ethereum network. On-chain data from Artemis shows that, for most of this month, Toncoin has consistently outpaced Ethereum in terms of unique daily addresses that have completed transactions.
On June 3rd, Toncoin’s daily count of unique addresses soared to 568,300, a year-to-date high, exceeding Ethereum’s 351,400 addresses by a staggering 62%. This rapid increase underscores a shifting landscape in the crypto sector.
Significant Increase in Daily Transactions
Toncoin’s daily transaction volume has also surpassed Ethereum’s since mid-March. Notably, on May 17th, Toncoin’s daily transactions reached 9 million, significantly more than Ethereum’s 1.1 million on the same day. The acceleration in user activity is largely attributed to Telegram’s massive user base of 900 million, according to Delphi Digital.
TON’s Positive Price Movement and Increased Trading Volume
Currently, TON is trading at $7.65, rebounding from a two-month low of $6.76 on June 11th. Within the past 24 hours, the token’s trading volume has surged over 100%, bringing its total to $491 million, as cited by CoinMarketCap. This price recovery has resulted in profits for many TON holders, with the token experiencing a 9% increase in value.
Profitability and Market Sentiment
The ratio of TON transactions concluded in profit versus loss stands at 14.22, its highest since February, indicating that a significant number of investors are seeing favorable returns. Social metrics from Santiment reveal a positive weighted sentiment of 0.75, suggesting an optimistic outlook among the crypto community toward TON.
Conclusion
Toncoin’s recent performance demonstrates its capability to attract substantial user interest and transaction volumes, challenging Ethereum’s dominance. The positive sentiment and profitability metrics underline a potential shift in the cryptocurrency market landscape, driven largely by Telegram’s extensive reach. As Toncoin continues to grow, it will be crucial to monitor whether this trend sustains and what implications it holds for the broader market.
