The growth trajectory of Toncoin [TON] has been nothing short of impressive, raising speculations that it might eventually outstrip Ethereum [ETH] in terms of holder numbers.
Recent data indicates a consistent uptrend in the number of Toncoin holders, hinting at a potential surpassing of Ethereum’s holder count by the end of the year. Nevertheless, while holders are increasing, the profitability trend seems to be on a downward slope, presenting a somewhat ambiguous outlook for the cryptocurrency.
The Surging Expansion of Toncoin’s Holder Base
Data from CryptoQuant reveals a substantial surge in Toncoin’s holder base. Between March 15th and October 17th, the tally of TON holders skyrocketed from approximately 7.12 million to nearly 108 million.
This growth rate surpasses that of Ethereum, which has maintained a stable holder count of around 137 million. Analysis suggests that Toncoin is currently enlisting approximately 500,000 new holders daily.
If this trend persists, Toncoin could potentially overtake Ethereum in terms of holders by December. Even with a moderated pace, this milestone might be reached within the next year, implying that TON could soon boast more holders than ETH.
Analyze Profitability Across Toncoin Holders
The swift uptick in holder numbers does not automatically translate into notable profitability for all Toncoin investors. Insights from IntoTheBlock’s Global In/Out of the Money chart indicate that numerous Toncoin holders are currently facing losses.
Presently, roughly 75.43 million addresses, constituting 80.70% of all holders, are labeled as “Out of the Money” (unprofitable).
In contrast, only about 13.16 million addresses, or 14% of holders, fall under the “In the Money” category, while the remaining 5.22% break even.
Comparatively, Ethereum exhibits a more promising profitability outlook, with over 67% of holders being “In the Money” and 29% “Out of the Money,” making ETH a more profitable investment based on recent data.
Toncoin’s Market Status at Present
Toncoin is currently priced at approximately $5.04, marking a minor daily increase but still below its 50-day moving average of $5.388. This places TON in a moderately bearish trend for the medium term.
The Relative Strength Index (RSI) stands at 43.54, indicating neutral to slightly oversold conditions, which may suggest the possibility of an upward movement if buying interest intensifies.
The Chaikin Money Flow (CMF) indicator, at 0.13, reflects a positive money flow, hinting at some accumulation within the market. For TON to shift into a bullish trend, it needs to breach the 50-day moving average.
If the cryptocurrency struggles to sustain its upward momentum, TON might continue trading around its current level or potentially test lower support levels near $4.90.
Overall, while Toncoin’s holder growth stands out, concerns regarding profitability persist. Its performance in the upcoming weeks will hinge on its ability to conquer technical resistance thresholds and attract sustained investor attention.