When comparing the potential of Ethereum (ETH) and Toncoin (TON), which cryptocurrency shows more promise? Both coins have attracted the attention of investors, but a recent analysis by CryptoQuant suggests that TON may eventually overtake ETH in terms of the number of holders.
Maartunn’s assertion was based on the consistent growth rate that TON has maintained in recent months. The analysis indicates that TON has been adding an average of 500,000 new followers daily over the past four weeks.
If TON continues at this pace, it is on track to surpass Ethereum by the end of December.
However, Maartunn’s analysis also acknowledged the potential for an increase in ETH holders and the possibility of a slowdown in the growth of TON holders.
Comparison of TON and ETH Addresses
As of October 26th, the total number of TON addresses stood at 113.71 million, with 93.18 million addresses holding balances and the remaining 20.54 million addresses showing zero balance.
A year ago, TON had 3.63 million total addresses, marking a remarkable 3,032% increase in total addresses.
On the other hand, Ethereum had a total of 309.32 million addresses as of October 26th, a substantial increase from 270.35 million total addresses recorded exactly a year ago.
This translates to a 14.42% year-over-year growth. Therefore, TON addresses expanded 210 times faster than Ethereum addresses.
Regarding ownership statistics, historical data on concentration revealed a decline in demand for Toncoin over the last 30 days. Whale balances decreased from 32.63% on September 26th to 33.19% currently.
Investor balances also decreased from 26.73% to 25.51% over the past 4 weeks, while the TON supply held by retail investors increased from 40.65% to 41.31% during the same period.
These trends indicate that whales and investors have been reducing their balances, while retail investors have been accumulating more TON.
Toncoin Price Movement Overview
While many leading cryptocurrencies have been capitalizing on the bullish momentum from September, Toncoin’s price action recently retraced to test September’s lows. It dipped as low as $4.51 on October 25th, representing a 16% drop from its weekly peak.
The subsequent demand surge following TON’s decline propelled the price back to $4.95 at the current time of writing.
This scenario highlights the undervaluation of the cryptocurrency, potentially attracting buyers who are seeking to enter the market at discounted prices.