The Open Network (TON) is on track to close out 2024 as one of the fastest growing blockchains. Still, how much has this network grown so far? Ethereum has become the benchmark by which networks measure performance, and Toncoin is on track to surpass one of Ethereum's biggest growth metrics.
A CryptoQuant analyst called Maartunn recently predicted that TON is on track to surpass Ethereum in terms of number of holders. Our analysis also predicts that this could happen by the end of December 2024.
This analysis is primarily based on the observation that TON has been registering at least 500,000 new followers every day for at least one month. According to the latest data, ETH had more than 120.4 million addresses with balances, and TON had 93.63 million holders with balances at the time of analysis.
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Assessing the growth of TON addresses compared to ETH
This data also provided an opportunity to evaluate address growth rates to better understand how fast TON is growing. IntoTheBlock's address statistics revealed that as of October 29, 2023, there were 3.04 million addresses left on the network.
Based on the numbers above, TON gained 2,964% year over year. Ethereum had 151 million addresses with balances just 12 months ago. This means that the number of addresses with balances on Ethereum only increased by 19.79%.
Therefore, a balanced TON address was able to grow 149 times faster than a balanced Ethereum address. Most of that increase likely occurred between August and September. This is because the highest transaction activity over the past 12 months occurred in the two months mentioned above.
The highest number of daily transactions occurred on September 27th, during which TON achieved a record of 15.49 million transactions. The network has maintained a healthy number of daily transactions so far in October.
The lowest number of daily transactions over the past four weeks was on October 13th with 3.14 million transactions. The previous highest number of transactions in October was 6.4 million transactions on October 25th.
Is Toncoin ready to bounce back?
Most of the impact of TON address growth was evident in the first half of the month, when TONCOIN experienced a notable rally. For context, cryptocurrencies soared more than 350% in 2024 from their lowest levels to their highest levels.
TON has been bearish since June and has since fallen about 45% from its 2024 peak. At the time of writing, it is trading at $5. According to weekly performance, it fell 3.3% last week.
Based on price action analysis, TON could be headed for another bullish rally. Prices previously showed a resurgence in demand in the important Fibonacci range.
Mapping the Fibonacci retracement line to Toncoin’s 2024 low and high reveals that the pivot could occur between $4.27 and $5.03. This was based on the 0.5 and 0.65 Fibonacci levels where pivots are likely to occur.
Following the latest bearish results, prices returned to the same range last week. This is the third time I've retested the same zone, and I've seen some buildup over the past three months.
