by - TON addresses grew rapidly and were poised to overtake Ethereum soon.
- Toncoin whales and institutional holders contributed to the selling pressure.
Which coin enters Ethereum [ETH] and Toncoin [TON] has more potential? Both are considered attractive to investors, but a recent CryptoQuant analysis suggests that TON will likely overtake ETH in terms of number of holders.
Maartunn’s bold claim was based on the average growth rate that TON has maintained over the past few months. According to the analysis, TON has recorded an average of 500,000 new subscribers every day over the past four weeks.
The network is expected to overtake Ethereum towards the end of December if it maintains this pace.
Maartunn’s analysis noted, however, that the number of ETH holders could also increase and it is also possible that the growth in the number of TON holders could slow down.
How do TON addresses compare to ETH addresses?
The total number of TON addresses as of October 26 stood at 113.71 million addresses. 93.18 million of them had a balance while the remaining 20.54 million addresses had a zero balance.
As a reminder, TON had 3.63 million total addresses exactly 12 months ago, representing a total address gain of 3,032%.
Source: In the block
In contrast, Ethereum had 309.32 million total addresses as of October 26. A significant improvement from the 270.35 million total addresses exactly 12 months ago.
Growth of 14.42% over one year. This means that TON addresses have grown 210 times faster than Ethereum addresses.
As for ownership statistics, historical concentration data revealed that demand for Toncoin was declining over the past 30 days. Whale balances increased from 32.63% on September 26 to 33.19% at press time.
Source: In the block
Investor balances have increased from 26.73% of supply to 25.51% in the last 4 weeks. Finally, the supply of TON held by the retail class increased from 40.65% to 41.31% during the same period.
This confirmed that whales and investors reduced their balances as retail sales piled up.
Toncoin Price Action Summary
While most major coins are building on September’s bullish momentum, Toncoin price action has declined for a retest of September’s lows. It fell to $4.51 on October 25, equating to a 16% decline from its weekly high.
Source: TradingView
Read Toncoin’s [TON] Price Forecast 2024-2025
TON’s latest crash led to a resurgence in demand, pushing the price up to $4.95 at the time of writing.
However, it also highlighted the fact that the cryptocurrency was undervalued, which could attract buyers looking to access it at discounted prices.
