Telegram-based Toncoin (TON) has seen significant growth since its inception, and the current trends show that it could dethrone Ethereum in holders count.
CryptoQuant analysis shows that Toncoin has attracted massive investors, with TON holders increasing from 7.12 million to 108 million between 15 March 2024 and 17 October.
The analysis indicates that Toncoin added around 500,000 holders per day in the past month.
🔥 BREAKING: Number of $TON holders may surpass $ETH Holders as early as December 20th.
Toncoin adding an avg of 500k new holders a DAY.
Source: @cryptoquant_com
Such numbers largely eclipsed Ethereum, with its holder numbers stable at roughly 137 million.
Maintaining the current trend would see Toncoin outpacing Ethereum’s user base by 2024 end.
Nevertheless, the analysis highlighted that TON might witness a slowed growth rate in holder count, pushing the crossover date to 3 February 2025.
Moreover, Ethereum sees a growing user base, though slower. While this could not be visible, it may affect the forecasted timeline. Maartunn added:
It’s only a matter of time until there are more TON holders than there are ETH holders.
Despite the stable surge in Toncoin holders, profitability has remained a challenge, raising worries about the blockchain’s long-term performance.
TON holders struggle with profitability
Toncoin has failed to remain profitable despite attracting a massive following. IntoTheBlock data shows that 81% of Toncoin investors (75.43 million addresses) are enduring losses at current prices.
Meanwhile, only 13.16 million addresses (14% of the investors) are profitable, with around 5% at break even.
Factors like legal developments around Telegram and the prolonged winter in the altcoin market contributed to TON’s diminished profits.
Toncoin’s a bullish stance
Despite the faded profitability, TON enjoys bullish signals. The asset’s holding time, a metric that tracks the duration investors hold before trading, has skyrocketed by 294%, according to IntoTheBlock.
That shows trader preference to hold Toncoin for long, confirming optimism about the token’s mid- and long-term performance.
Moreover, whales have magnified their accumulation within the past 30 days. The Large Holders’ Netflow exploded by over 15,000% the previous month.
Increased token purchases by large-scale investors often precede significant rallies.
Current TON price action
The token traded at $5.07 after gaining around 1.25% on its daily chart.
Increased whale accumulations and prolonged holding time support a potential upswing towards the resistance at $5.26.
That would clear the path towards the hurdle at $5.91. Broad market rallies will likely extend TON’s upside to $6.82 – a 35% surge from the current price.
The cryptocurrency market displays bullish dominance ahead of the upcoming US elections.
Bitcoin has crossed the $72K mark and appears ready to close October with an Uptober party.
New all-time high incoming for #Bitcoin.
Let the fun times begin!
A new Bitcoin ATH would see TON surpassing its nearest resistances hassle-free and hit never-witnessed-before price peaks.
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