Toncoin Liquidity and User Activity Reviewed by Analyst: Insights on Market Impacts

Samuel Edyme

7 months ago

3 mins read

Toncoin Liquidity and User Activity Reviewed by Analyst: Insights on Market Impacts

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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.

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.

Toncoin (TON) price chart on TradingView — TON price is moving upwards on the 2-hour chart. Source: TON/USDT on TradingView.com

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.

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

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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