Toncoin Liquidity and User Activity Reviewed by Analyst: Insights on Market Impacts
14 Novembre 2024 - 6:00AM
NEWSBTC
Toncoin (TON) has seen notable changes in its market dynamics so
far, driven by supply variations and heightened user engagement
across its ecosystem. Particularly, according to a recent analysis
by CryptoQuant analyst Shiven Moodley, TON’s total supply has
steadily grown, moving from approximately 5.01 billion tokens to
around 5.1 billion tokens. This growth, however, comes alongside
significant changes in the circulating supply, particularly marked
by a sharp decline in early 2024, attributed to lockups and staking
activities within the network. The changes in circulating supply,
according to Moodley, reflect TON’s evolving liquidity in the
market and the increasing trend of users committing to staking and
long-term holding. Related Reading: Toncoin Sharpe Ratio Is
Falling: What It Means And — Is It Time To Buy? Layer One And Layer
Two Comparisons: TON’s Position And Future Outlook Moodley’s
analysis also highlighted that activities within the TON ecosystem,
notably on the Masterchain and Workchain, are pivotal in driving
user engagement. Specifically, apps and games hosted on the
workchain, such as Hamster Kombat, DOGS, and Catizen, have been
central to boosting increased trading activity. Moodley delved into
TON’s comparative positioning among other prominent altcoins and
blockchain ecosystems. He pointed out that over the past six
months, TON transactions have maintained a relatively consistent
pace, with occasional spikes linked to airdrops for games on the
network. This steady transaction activity positions TON as a
“strong layer-one blockchain network” with notable consistency
compared to its closest competitor, Arbitrum. The CryptoQuant
analyst noted: This growing user base would likely switch trader
psychology towards holding over the medium to long term, reducing
market liquidity in the TON ecosystem. Notably, this shift of
potentially reduced market liquidity within the TON ecosystem, as
suggested by Moodley, could come as more users opt to stake their
tokens and engage in network activities over extended periods.
Toncoin Market Performance Toncoin has benefited from
the ongoing bull run in the market so far. In the past week,
the altcoin has seen a major price and market capitalization
increase, jumping by more than 15%. This double-digit increase in
the past week has seen TON’s market cap reach above $13.8
billion, and its price trading for $5.41, at the time of
writing, has risen by 1.4% in the past day. Interestingly,
despite this increase, TON’s daily volume, after being valued above
$1 million on November 12 seems to have cooled off with a current
valuation of $679 million. Related Reading: Toncoin Sharpe Ratio
Rising, Is TON Readying For $8? Regardless, many in the crypto
community are still optimistic about the altcoin. For instance, a
renowned crypto analyst CryptoBullet on X has recently predicted a
$12 to $15 target for Toncoin. $TON #Toncoin Macro chart (chart
request) I like the fact that #TON is testing prior Resistance for
Support now. I think this correction is coming to an end and we’re
gonna have Wave 5 very soon 📈 🎯 Target Zone: $12-15
pic.twitter.com/45i3D4oQha — CryptoBullet (@CryptoBullet1) November
5, 2024 Featured image from Adobe Stock Chart from TradingView
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