Ethereum
Toncoin versus Ethereum? Why TON might be your best bet in June
- Toncoin has seen more daily active addresses than Ethereum since the start of the month.
- TON’s weighted sentiment was positive for the first time since the beginning of June.
Toncoin [TON]the blockchain network linked to the popular messaging app Telegram, saw more demand than the main layer 1 blockchain, Ethereum [ETH]since the beginning of June.
According to on-chain data provider Artemis, the number of unique addresses that made at least one transaction on Toncoin has exceeded that of Ethereum for ten of the last 12 days.
In fact, on June 3, the daily number of unique addresses on Toncoin reached a yearly high of 568,300, surpassing Ethereum’s 351,400 by 62%.
Source: Artemis
Additionally, for this reason, the daily number of unique interactions on the two networks differ significantly. According to Artemis, Toncoin has recorded more daily transactions than Ethereum every day since March 12.
On May 17, Toncoin’s daily transaction count reached a yearly high of 9 million. On the same day, the number of unique transactions made on Ethereum stood at 1.1 million.
Source: Artemis
In a job on X, research firm Delphi Digital called it “flipping.” According to Delphi Digital, the increase in daily user activity on Toncoin on Ethereum was “fueled by Telegram’s user base of 900 million.”
TON benefits its holders
At press time, TON was trading at $7.65. After plunging to a two-month low of $6.76 on June 11, the token’s price rebounded and has since jumped 11%.
TON has seen considerable trading activity over the past 24 hours. Totaling $491 million at the time of writing, the altcoin’s trading volume during the period increased by more than 100%, according to CoinMarketCap.
The 9% price rise seen over the past 24 hours has led many TON holders to book profits.
AMBCrypto evaluated the daily trading volume ratio of the altcoin in terms of profit and loss. At press time, the metric’s value was 14.22, the highest level since February.
This suggests that for every TON trade that ended in a loss, 14.22 trades generated a profit.
Source: Santiment
Is your wallet green? Check the Toncoin [TON] Profit calculator
Additionally, the token’s weighted sentiment was positive at press time, as revealed by Santiment data. This was the first time TON recorded positive weighted sentiment since early June.
Source: Santiment
At the time of writing, the weighted sentiment for the altcoin was 0.75, suggesting that discussions around TON on social media platforms are mostly positive.
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