Since its inception, TON has captured considerable attention and reached a major milestone by outperforming Ethereum in various metrics almost daily in the first half of June. At present, TON has surged by 4.44% in the past 24 hours, hitting $7.9 and continuing to draw interest. This price hike has propelled TON’s market cap over $19 billion, solidifying its spot as the 9th largest in terms of volume. So, what is driving TON’s upward trajectory?
Competition Between TON and Ethereum
A key indicator is the number of daily active addresses. Data from Artemis, as depicted below, indicates the number of unique wallets engaging in transactions on the blockchain.
Analyzing data since May 17, Artemis has shown a graph highlighting similar values between TON and Ethereum. Notably, TON has achieved significant success, surpassing ETH on 10 out of the first 11 days of June.
On June 3, TON reached a historic milestone with 568,300 addresses, a figure last observed on Ethereum on September 13, 2023. It is worth mentioning that Ethereum’s Layer-2 solutions handle a substantial portion of the transaction volume.
When examining data for a single day, on June 11, the daily active address count for Ethereum’s top 3 Layer-2 solutions—Arbitrum (ARB), Base, and Optimism (OP)—was calculated at 1.3 million.
Reasons for TON’s Surge
The recent upswing in the TON ecosystem appears to be fueled by several factors. Strong backing from Telegram and the buzz created by mini applications have significantly contributed to TON’s growth.
For instance, Notcoin, a platform attracting millions of users globally and offering rewards, has played a pivotal role in enhancing the TON ecosystem. Following its gaming phase, NOT garnered the market’s attention with its reward mechanism, debuting in May and currently holding the 49th position with a market value of $1.9 billion.
During this period, the TON ecosystem has piqued substantial interest and ascended thanks to the influence of applications like NOT.
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Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
