• Shiven Moodley observed a discrepancy between TON’s market capitalization and circulating provide.
• Moodley advised that some TON tokens are locked or held for the long run.
• Cooperation between TON and Telegram contributed to the event of the mission.

Shiven Moodley, an on-chain analyst at Cryptoquant, has observed a discrepancy between The Open Community's (TON) market cap and circulating provide, which Moodley believes suggests some TON tokens are locked or held for lengthy intervals, affecting liquidity.

Moodley highlighted TON's spectacular development since August 2021, declaring the mission's robust scalability, backed by its excessive throughput capabilities. The on-chain analyst additionally talked about TON's partnership with the Telegram messaging platform, highlighting the way it has helped the mission's improvement lately.

Graph reveals rising inequality

Moodley shared a chart from the Cryptoquant analytics platform displaying the developments in TON's market cap and circulating provide. In line with the chart, the hole between these two metrics has been widening since Q1 2024, with TON's market cap rising considerably with no corresponding enhance in circulating provide.

Additional evaluation by Cryptoquant specialists means that the divergence between TON’s market cap and value means that the token is valued otherwise than elementary metrics, though a concurrence in these metrics might create a extra balanced market valuation.

TON was its greatest performer within the first half of 2024, when the open-source decentralized blockchain token rose almost 340% to achieve an all-time excessive of $8.28. Even after the drop, the altcoin continues to be buying and selling at $5.57 on the time of writing, indicating a 200% achieve because the begin of the 12 months.

On-chain information exhibits enormous development

In line with on-chain information, TON’s common day by day buying and selling quantity on decentralized exchanges (DEXs) reached 17.2 million in September this 12 months, marking 760% development because the starting of the 12 months. In January, TON had round 26,200 day by day lively addresses. That quantity jumped to a staggering 902,737 in September.

Additionally learn: TON Ecosystem Expands: DeFi, Gaming Drive 1 Million Lively Wallets

Different key metrics additionally level to a outstanding development sample for TON: the variety of day by day transactions elevated 12-fold from 232,286 in January to 2,823,801 in September. The community’s whole locked worth (TVL) additionally recorded a major enhance, rising from round $76 million at the beginning of the 12 months to $741.3 million in September.