The Open Network (TON) has garnered 100 million unique holders, a major development in its journey to a decentralized world. At the start of the year, the network only had 4.3 million holders. TON has recently been under active development, especially with the launch of popular gaming tokens on the Telegram platform, such as Hamster Kombat. These tokens have assisted in bringing new users from the messaging platform to the use of cryptocurrency.
$TON Holder Count reaches 100 million
— CryptoQuant.com (@cryptoquant_com) October 8, 2024
“At the beginning of the year, the number of holders was 'only' 4.3 million. This shows that #TON has experienced huge growth.” – By @JA_Maartun
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Explosive Growth and Market Dynamics
The rapid increase in TON holders signals growing interest in the cryptocurrency. TON acts as a bridge between social media and the crypto market, attracting a diverse range of users. The current number of holders showcases the network’s potential for further expansion. This growth comes alongside Toncoin’s market capitalization of $13.2 billion and a 24-hour trading volume of $190 million.
Despite this expansion, 74% of Toncoin holders are facing losses due to the recent price dip. The price of Toncoin has dropped to $5.20, showing a 1.27% decrease in the past day. This drop follows a bullish period that ended with the cryptocurrency’s slight downturn. Additionally, the concentration of wealth remains a concern, as 91% of the Toncoin supply is held by large holders.
Market Volatility and Holder Sentiment
The volatile environments of the markets have both opportunities and risks. Over the last 12 hours, longs have been heavily liquidated with the total involving more than $106,800. This implies that there could be reversals in the market as over-leveraged positions remain at risk. On the other hand, Toncoin has had the price go up and down slightly with values varying between $5.15 and $5.31 within the last 24 hours.
Toncoin Is at Risk of 45% Fall if $4.70 Support BreaksRecent data shows that 42% of TON holders have owned the asset for less than a month. This indicated that the price may go on experiencing fluctuations in the future period. Toncoin is still moderately positively related to Bitcoin, which gives it the 0.46 correlation coefficient at this time.
While the expansion of the TON network progresses rapidly, the price of Toncoin is still far from its ATH of $8.24, seen in June 2024. Analysts in the market believe that it is possible that with the renewed bullish momentum, the cryptocurrency’s value could shoot and test its record high.
