Try Quests to earn cryptoIntroduction
Toncoin ($TON), a cryptocurrency developed by messaging app Telegram, is the native cryptocurrency of the TON network.
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It is used to pay for gas fees, validator staking, storage payments, network operations, transactions, games or collectibles, and payments for other TON services.
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According to CoinMarketCap, at the time of writing, Toncoin's supply was over 5 billion coins and has a market cap of over $7.5 billion, which ranks 10th.
Toncoin's recent gains and its reliance on Telegram prompted me to take a closer look at this famous token!
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let's jump in!
TON (The Open Network) is a blockchain that has its own coin, but due to the loss of the TON blockchain database on Flipside, I have analyzed TON wrapped tokens on other blockchains (which have similar results based on previous experiences and give us the same guidance)
Based on Coinmarketcap and the official TON bridge, there are only two blockchains that $TON can be bridged to:
- Ethereum
- Binance Smart Chain (BSC)
so I will focus on these two networks (separately and both together)
I analyzed (and will analyze more) $wTON tokens from the aspects of price, holder, trade analysis, swapping analysis, etc.
TON coinmarketcap: https://coinmarketcap.com/currencies/toncoin
TON official bridge: https://bridge.ton.org/
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- 3 months after the birth of TON there is a sharp rise in price, followed by a sharp fall (predictable for almost all new coins) This price drop followed by a downward trend and finally into a parallel channel that continues until now...
→ From this behavior, I conclude that TON is a technically and fundamentally acceptable token and there is obviously no price manipulation.
→ also I can see a slight price correlation with ETH price after its initial strong movements that prove this scenario again
Analysis of holders I can say:
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Most holders are on BSC (about 73%), but most tokens are on ETH (about 82%), which means that $TON holders on Ethereum hold more than other holders (about 12 times larger on average) → These results are also similar when reviewing the top holders
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Checking the token distribution shows almost similar results in both networks and overall we can say that most holders (about 26%) hold between 1-10 TON
Based on the analysis of the holders, I can say that $TON has a decentralized distribution, which is acceptable and can reduce price manipulation by whales (If we assume that these results are also similar on the TON blockchain)
By analyzing the transactions I can say:
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Most users chose to trade $TON on BSC, but the closer we get to the current time, the more the ETH network shows.
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Similar to what we saw on holder analysis, $TON trading volume in ETH is larger than BSC (while there are fewer users)
I see a well distributed trading volume during the time, which shows that $TON is alive!
