Analyst Sivean Moodley from on-chain and market data analytics firm CryptoQuant published the analysis, noting that presently, The Open Network (TON) shows impressive scalability due to its high throughput capacity. According to him, information regarding circulating supply and market capitalization suggests that the network is performing effectively.

Research indicates that from August 2021 to the present, the network has seen growth, supported by its partnership with the Telegram messaging platform. The gap between market capitalization and circulating supply may imply that some tokens are either locked or held for the long term, which could affect liquidity. In this context, it’s important to consider TON’s hybrid monetary transmission model. Nevertheless, there seems to be a general correlation between market capitalization and circulating supply, suggesting that a substantial portion of the circulating supply plays a role in market valuation.

Econometric analysis utilizing the average market capitalization-to-price ratio can act as an indicator of speculative behavior. A divergence between market capitalization and price may suggest that the token is being valued inconsistently with its fundamental metrics. In contrast, a closer alignment indicates a more rational market valuation, as noted by the analyst.

TON Continues To Bolster Its Development With TON:Acc Launch  

At the time of writing, TON is trading at $5.62, reflecting a decline of more than 0.18% in the last 24 hours, according to data from CoinMarketCap.

TON serves as the native utility token for The Open Network, a decentralized Layer 1 blockchain. This cryptocurrency based in the messaging application Telegram, enables developers to create a Web3 ecosystem within the application, as seen in the growing interest surrounding Notcoin, Hamster Kombat, and Catizen. 

Recently, the platform introduced TON:Acc, a new incubation program designed to support promising startups developing on TON blockchain and integrate these projects into the growing TON ecosystem.

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