Toncoin Surpasses Ethereum in Daily Active Addresses and Positive Sentiment
Toncoin, the blockchain network associated with the well-known messaging platform Telegram, has demonstrated higher demand compared to Ethereum, the primary Layer 1 blockchain, since the beginning of June.
According to data provided by Artemis, Toncoin has consistently exceeded Ethereum in terms of unique addresses that have completed at least one transaction for 10 of the last 12 days.
Increasing Popularity of Toncoin
On June 3rd, Toncoin achieved a significant milestone with a daily count of 568,300 unique addresses, surpassing Ethereum's 351,400 by 62%. This notable difference has also reflected in the daily count of unique interactions on both platforms, with Toncoin consistently recording more daily transactions than Ethereum since March 12th.
Toncoin hit a peak of 9 million daily transactions on May 17th, while Ethereum recorded 1.1 million unique transactions. Delphi Digital has coined this shift as the 'flippening,' linking Toncoin's surge in daily user activity over Ethereum to Telegram's extensive user base of 900 million.
Profitability Trends of Toncoin
At the time of this report, TON was valued at $7.65, rebounding from a low of $6.76 on June 11th to note an 11% increase in price. The token has witnessed substantial trading volumes in the past 24 hours, with a surge of over 100% in trading volume, totaling $491 million according to CoinMarketCap.
The 9% price hike in the last 24 hours has resulted in profitable outcomes for many TON holders. The altcoin's daily ratio of transaction volume in profit to loss has reached 14.22, the highest level since February, indicating that for every transaction resulting in loss, 14.22 transactions have yielded profit.
Furthermore, data from Santiment indicates a positive weighted sentiment for the token at the time of writing. This marks the first instance of TON displaying a positive weighted sentiment since the start of June.
The current weighted sentiment value for the altcoin stands at 0.75, suggesting that the discourse surrounding TON on social platforms is largely positive.
