The post Onchain Analyst Spots Crucial Disparity in TON’s Fundamental Metrics appeared on BitcoinEthereumNews.com.

Shiven Moodley spotted a disparity between TON’s market cap and circulating supply. Moodley suggests a portion of the TON tokens are locked or held long-term. TON’s collaboration with Telegram has aided the project’s development. Shiven Moodley, an on-chain analyst at Cryptoquant, spotted a disparity between The Open Network’s (TON) market capitalization and its circulating supply. Moodley believes this suggests that some TON tokens are either locked up or held for the long term, affecting liquidity. Moodley highlighted TON’s impressive growth since August 2021, pointing to the project’s strong scalability, fueled by its high throughput capacity. The on-chain analyst also mentioned TON’s partnership with the Telegram messaging platform, emphasizing how it has helped the project’s development in recent years. Chart Reveals Growing Disparity Moodley shared a chart from the Cryptoquant analysis platform illustrating the trends of TON’s market cap and circulating supply. The chart showed that the gap between these two metrics has widened since Q1 2024, with TON’s market cap shooting up significantly without a corresponding increase in circulating supply. Further analysis from the Cryptoquant expert indicates that the observed divergence between TON’s market capitalization and price suggests the token is being valued differently from its fundamental metrics. However, a more balanced market valuation could emerge if the trends of these metrics align. TON was a top performer in the first half of 2024 when the open-source decentralized blockchain’s token rallied nearly 340% to hit an all-time high of $8.28. Even after a pullback, the altcoin was trading at $5.57 at the time of writing, representing a 200% profit since the start of the year. On-Chain Data Shows Significant Growth On-chain data reveals that the daily average trading volume on TON’s decentralized exchange (DEX) reached 17.2 million this September, marking a 760% year-to-date growth. Back in January, the number of…

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Filed under: News - @ September 23, 2024 3:25 pm