Connect with us
Active Currencies 14918
Market Cap $2,509,288,061,339.80
Bitcoin Share 51.85%
24h Market Cap Change $-0.03

Toncoin over Ethereum? Why TON could be your best bet in June

2min Read

Toncoin’s user activity has rivaled Ethereum’s, surpassing it by ten out of the past 12 days in June. 

TON

Share this article

  • Toncoin has seen more daily active addresses than Ethereum since the beginning of the month.
  • TON’s weighted sentiment was positive for the first time since June started.

Toncoin [TON], the blockchain network linked to the popular messaging app Telegram, has seen more demand than the leading Layer 1 blockchain, Ethereum [ETH], since the beginning of June.

According to on-chain data provider Artemis, the number of unique addresses that have completed at least one transaction on Toncoin has exceeded that of Ethereum for ten out of the last 12 days. 

In fact, on 3rd June, the daily count of unique addresses on Toncoin surged to a year-to-date high of 568,300, surpassing Ethereum’s 351,400 by 62%.

Toncoin & Ethereum network activity

Source: Artemis

Further, due to this, the daily count of unique interactions on both networks has differed considerably. According to Artemis, Toncoin has recorded more daily transactions than Ethereum every day since 12th March. 

On 17th May, Toncoin’s daily transactions count rallied to a year-to-date high of 9 million. On the same day, the number of unique transactions completed on Ethereum totaled 1.1 million.

Toncoin & Ethereum network activity

Source: Artemis

In a post on X, research firm Delphi Digital referred to this as the “flippening.” According to Delphi Digital, the surge in the daily user activity on Toncoin over Ethereum has been “fueled by Telegram’s 900M user base.”

TON puts holders in profit

At press time, TON exchanged hands at $7.65. After plunging to a two-month low of $6.76 on 11th June, the token’s price rebounded and has since surged by 11%.

TON has seen considerable trading activity in the past 24 hours. Totaling $491 million as of this writing, the altcoin’s trading volume during the period has increased by over 100%, according to CoinMarketCap.

The 9% price spike witnessed in the last 24 hours has led many of TON’s holders to record profits.

AMBCrypto assessed the altcoin’s daily ratio of transaction volume in profit to loss. At press time, the metric’s value was 14.22, the highest level since February. 

This suggested that for every TON transaction that has ended in a loss, 14.22 transactions brought about a profit. 

Toncoin transaction volume in profit to loss

Source: Santiment


Is your portfolio green? Check the Toncoin [TON] Profit Calculator


Further, the token’s weighted sentiment was positive at press time, as revealed by data from Santiment. This marked the first time TON had recorded a positive weighted sentiment since the beginning of June. 

Toncoin weighted sentiment

Source: Santiment

As of this writing, the altcoin’s weighted sentiment was 0.75, suggesting that the discussions around TON on social media platforms are predominantly positive. 

Share

Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.