Toncoin’s 210x Growth Outpaces Ethereum—Is a TON-ETH Flippening on the Horizon?

• Toncoin’s rapid address growth, up 210x compared to Ethereum, suggests a strong potential for TON to surpass ETH in total holders if growth continues.
• Retail interest in TON has been rising, while whale holdings decline slightly, indicating broader interest amid recent price dips and potential undervaluation.

Despite recent encouraging signs for Toncoin, highlighted in a recent CNF update, broader negative market conditions have impacted Toncoin (TON). However, in the ongoing comparison of investor appeal between Ethereum (ETH) and Toncoin (TON), TON is gaining significant traction.

An analysis from CryptoQuant suggests that TON may soon surpass ETH in terms of total holders. Analyst Maartunn attributes this trend to TON’s rapid growth rate, which has averaged 500,000 new followers daily over the past four weeks. Specifically, Maartunn stated in the report that,

TON, or The Open Network, is growing quickly. The number of TON holders is expected to surpass the number of ETH holders around December 20th.

However, Maartunn’s analysis notes that Ethereum’s holder numbers could increase and that TON’s growth rate may decelerate over time.

Comparison of TON and ETH Addresses

As of October 26, TON boasts a total of 113.71 million addresses, with 93.18 million holding balances and 20.54 million empty. In stark contrast, TON had only 3.63 million total addresses a year ago, marking a remarkable 3,032% increase. At the time of writing, Toncoin (TON) is trading at $4.98, with a 1.23% increase in the past day and a 5.52% decrease over the past week. See TON price chart below.

On the other hand, Ethereum currently has 309.32 million total addresses, up from 270.35 million a year ago, reflecting a 14.42% annual increase. This implies that TON’s address growth outpaced Ethereum’s by 210 times.

Ownership Trends and Price Movement for Toncoin

Ownership data reveals shifts in TON’s demand distribution. Whale holdings have decreased from 33.19% to 32.63%, while retail holdings rose slightly from 40.65% to 41.31%. This shift suggests that while larger investors may be trimming their positions, retail interest in TON has been growing.

Despite a recent price dip, Toncoin’s price has shown signs of recovery, bouncing back from $4.51 on October 25 to $4.95 at the time of reporting. This rebound suggests that TON may be undervalued, potentially attracting buyers interested in entry opportunities at lower price points.