Toncoin (TON) is rapidly becoming a force to be reckoned with in the crypto world. With its growing user base and increasing adoption, many are speculating whether TON could surpass Ethereum (ETH) in terms of the number of holders by the end of 2024.
As of October 2024, Toncoin is gaining 500,000 holders daily, a significant rate that could push it ahead of Ethereum’s 137 million holders sooner than expected. So, what’s driving this rapid growth, and could TON really overtake Ethereum?
The Rise of TON Holders
TON, the native token of The Open Network, has been growing in stature over the past few months.
According to a recent analysis by Cryptoquant, TON has amassed 112 million holders, closing in on Ethereum’s numbers.
The most remarkable aspect is the pace at which Toncoin is attracting new users—around 500,000 daily in the last month alone.
This level of growth has sparked discussions about whether TON could overtake Ethereum in terms of holders before 2024 ends.
If the current trend continues, it’s highly possible that TON might reach this milestone by December. Even if the growth rate slows, analysts predict that Toncoin could still surpass Ethereum by early 2025.
What’s Fueling TON’s Growth?
Several factors contribute to TON’s rapid rise. First, the network is building momentum by attracting attention for its fast, scalable, and decentralized platform.
In a market where investors are always looking for the next big thing, Toncoin’s strong infrastructure and innovative technology are key selling points.
Additionally, the increasing interest in decentralized applications (dApps) and blockchain projects that promise security and scalability, such as TON, makes it a strong contender.
With growing awareness and widespread adoption, Toncoin is becoming a popular choice among crypto enthusiasts and developers alike.
What About Ethereum?
While TON is experiencing explosive growth, Ethereum remains a dominant player in the cryptocurrency world.
Ethereum’s 137 million holders represent a well-established user base, and while its growth is slower compared to TON, Ethereum continues to see steady interest from institutions and individual investors alike.
Interestingly, Ethereum has seen some significant movements in recent months. A large-scale transaction on Coinbase involving 543,000 ETH (worth over $1.3 billion) raised speculation about institutional interest.
If such trends continue, Ethereum could maintain a solid lead, at least for now.
Risk and Volatility: What’s Ahead for TON?
While Toncoin’s growth is impressive, it’s not without risk. TON’s Sharpe Ratio, a measure used to calculate the return of an investment relative to its risk, has been dropping, signaling that its volatility is decreasing.
This reduced risk is appealing to investors looking for stability, but some analysts warn that the market could still pose challenges.
For instance, if bearish trends persist, Toncoin’s price could fall below key support levels, potentially setting up a bearish head-and-shoulders pattern.
This would lower TON’s price to around $3.50. On the flip side, a rebound could signal increased demand and push the price higher, especially if Toncoin continues to attract new holders at the current rate.
Final Thoughts
The rise of Toncoin is an exciting development in the cryptocurrency world. With its rapid growth, it’s entirely possible that TON could surpass Ethereum in the number of holders by the end of 2024.
However, Ethereum’s dominance and continued institutional interest make it a tough competitor.
Whether or not TON overtakes Ethereum, one thing is clear: Toncoin is becoming a significant player in the crypto landscape, and its future looks promising.
If you’re watching the crypto space, Toncoin is definitely a project worth keeping an eye on.
The coming months will be critical in determining whether TON can maintain its rapid growth and solidify its position as a top contender against Ethereum.