Ever since its debut, TON has been making waves and achieving remarkable milestones, consistently outperforming Ethereum in various aspects almost on a daily basis in the first half of June. At the time of writing, TON has surged by 4.44% in the past 24 hours, reaching $7.9 and drawing continued attention. This price hike has propelled TON’s market capitalization above $19 billion, solidifying its position as the 9th largest in terms of volume. But what exactly is driving TON’s upward trajectory?
Competition between TON and Ethereum
A key metric to consider is the number of daily active addresses, which serves as a crucial indicator of a blockchain’s activity. Data from Artemis illustrates the number of unique wallets engaging in transactions on the blockchain. By analyzing data since May 17, Artemis has revealed that TON and Ethereum have been displaying similar patterns, with TON emerging as a strong contender. In fact, during the first 11 days of June, TON has surpassed ETH on 10 of those days.
A notable milestone was reached on June 3 when TON hit a historic level of 568,300 addresses, a figure that Ethereum had last achieved on September 13, 2023. It’s worth noting that Ethereum’s Layer-2 solutions play a significant role in handling a substantial portion of the transaction volume. For instance, on June 11, the daily active address count for Ethereum’s top 3 Layer-2 solutions – Arbitrum (ARB), Base, and Optimism (OP) – stood at 1.3 million.
Reasons behind TON’s Surge
The recent uptick in the TON ecosystem can be attributed to a combination of factors. Strong backing from Telegram and the buzz generated by mini applications have played a pivotal role in driving TON’s growth. Notcoin, for example, has garnered immense popularity worldwide, enticing millions of users with its reward system. Following its entry into the market in May, Notcoin quickly made its mark and currently holds the 49th position with a market value of $1.9 billion.
During this period, the TON ecosystem has witnessed a surge in interest, fueled by the impact of applications like Notcoin. Stay updated with the latest news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information presented in this article should not be construed as investment advice. Investors should exercise caution as cryptocurrencies are known for their high volatility and inherent risks, and are advised to conduct their own research.
