The Growth of TON Network in 2024 Surpasses Ethereum’s Metrics

TON Set to Exceed Ethereum in Holder Count by the End of 2024

A recent analysis by a CryptoQuant analyst predicts that the Open Network (TON) is poised to surpass Ethereum in terms of holder count, potentially achieving this milestone before the end of December 2024.

Evaluating the Growth of TON Addresses Compared to Ethereum

According to data from IntoTheBlock, TON has shown remarkable growth in terms of address count, with 93.63 million holders with balances at the time of the analysis. This growth is significant considering that Ethereum had over 120.4 million addresses with balances as of the latest data.

Analyzing the rate of address growth reveals that TON achieved a 2,964% year-over-year gain, while Ethereum only saw a 19.79% increase in addresses with balances over the same period.

Impact of Address Growth on TON’s Performance

The surge in TON address growth was accompanied by a substantial increase in daily transactions, with a record 15.49 million transactions on the network recorded on September 27. Despite fluctuations, TON has maintained a healthy daily transaction count throughout October.

Is TONcoin Primed for a Rebound?

Following a period of significant growth driven by address expansion, TONcoin experienced a bullish trend in the first half of October, soaring by over 350%. However, the cryptocurrency has since faced a decline of approximately 45% from its 2024 peak, currently trading at $5.

Despite recent challenges, price action analysis suggests that TONcoin may be on the brink of another bullish rally, with potential support levels identified between $4.27 and $5.03 based on Fibonacci retracement levels.

Repeated tests of this range signal accumulation and potential price reversal, indicating a renewed bullish outlook for TONcoin in the coming period.