Toncoin (TON), the native digital asset of The Open Network, is competing with Bitcoin for dominance, with parabolic movement in key on-chain metrics. TON's price has increased by 5.3% in the past 24 hours and is trading at $7.24.

Toncoin competes with Bitcoin

CryptoQuant, a well-known data analysis platform, said that TON's transfer amount is between 5 billion and 10 billion US dollars.

$TON’s on-chain metrics are going parabolic!

“Transfer volume is between $5.0B~$10.0B. For comparison, #Bitcoin's average daily transfer volume is ~$50.0B. This suggests TON has already achieved ~10% of Bitcoin's capacity.”

To put this into perspective, Bitcoin is the world’s leading cryptocurrency, with an average daily transfer volume of around $50 billion. This means that TON has captured around 10% of Bitcoin’s capacity, an impressive feat for a project that was launched just four years ago. In addition, the number of TON holders has been growing steadily.

On-chain data shows that token holders have grown 10-fold over the past year, jumping from 2.9 million to 32 million currently. The rise in adoption indicates a growing interest in the TON ecosystem and its potential applications. Additionally, the TON blockchain has seen an increase in activity from large investors, commonly known as whales. According to an earlier report by U.Today, Toncoin’s whale activity surged by an impressive 376%. At the time of writing, TON’s market cap has grown to $17.7 billion, surpassing Cardano ADA’s $14 billion.

Possible factors driving TON’s growing popularity

The development of applications and features built on the TON blockchain could be a key factor driving its growth. TON currently hosts more than 650 decentralized applications (dApps) of different types.

Tap-to-Earn applications such as Notcoin (NOT), TapSwap, and Hamster Kombat (HAMSTER) have achieved significant success, which has fueled interest in the market.

Additionally, TON offers unique features such as lightning-fast transaction speeds and low fees, which may attract users to the platform. As the crypto market continues to evolve, the long-term success of Toncoin lies in its ability to maintain key support levels.