The TON network demonstrates significant scalability, driven by its high throughput capacity. Data on circulating supply and market capitalization indicates that the network is performing well.

From August 2021 to the present, the network has experienced notable growth, aided by its collaboration with the Telegram messaging platform. The disparity between market capitalization and circulating supply may suggest that a portion of the tokens are either locked or held long-term, impacting liquidity.

TON’s hybrid monetary transmission model should be considered. Econometric analysis using the average market capitalization-to-price ratio can serve as a proxy for speculative behavior. A divergence between market capitalization and price could signal that the token is being valued differently from its fundamental metrics. Conversely, a closer alignment suggests a more rational market valuation.