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Toncoin (TON) In trying to catch up with Bitcoin, transactions go parabolic
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Toncoin (TON), The Open Network’s native digital asset, is competing with Bitcoin (BTC) for dominance, with parabolic moves in a key metric on the chain. Over the past 24 hours, the price of TON increased by 5.3% to settle at $7.24.
Toncoin competing with Bitcoin
Renowned data analytics platform CryptoQuant states that the transfer volume per TON varies between 5 and 10 billion dollars.
To put this into perspective, Bitcoin, the world’s leading cryptocurrency, boasts an average daily transfer volume of around $50 billion. This results in TON capturing approximately 10% of Bitcoin’s capacity, a remarkable feat for a project launched just four years ago.
Furthermore, TON is seeing a steady increase in the number of its starters. On-chain data shows a 10-fold increase in token holders over the past year, rising from 2.9 million to a current count of 32 million. This increase in adoption suggests growing interest in the TON ecosystem and its potential applications.
Additionally, the TON blockchain has seen increased activity from large investors, popularly known as whales. According to a previous report by U.Today, whale activity for Toncoin increased by an impressive 376%. At the time of writing, TON’s market capitalization has grown to $17.7 billion, eclipsing Cardano’s (ADA) $14 billion.
Possible factors fueling the growing adoption of TON
The development of applications and features based on the TON blockchain could be a key factor in fueling its growth. TON currently hosts over 650 decentralized applications (dApps) of various types. Considerable success has been seen in its “Tap-to-Earn” apps such as Not money (NOT), TapSwap and Hamster Kombat (HAMSTER), which is fueling interest in the market.
Additionally, TON offers unique features such as lightning-fast transaction speeds and low fees, which could attract users to the platform. As the cryptocurrency market continues to evolve, Toncoin’s long-term success lies in its ability to sustain critical support levels.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.