According to DeepChao TechFlow, on September 23, CryptoQuant analyst Shiven Moodley pointed out that the TON network has shown significant growth since August 2021, and its high throughput has promoted the scalability of the network and its cooperation with the Telegram instant messaging platform further promoted its development.

There is a clear gap between the TON network’s market cap and circulating supply, which could indicate that a significant portion of tokens are locked or held for a long time, affecting the network’s liquidity. Nevertheless, there is a general correlation between market cap and circulating supply.

Moodley suggested using the average market cap to price ratio as a proxy for speculative behavior. He explained, “A divergence between market cap and price may indicate that a token’s valuation is deviating from fundamental indicators, while a close alignment between the two suggests a more rational market valuation.”