- Toncoin sees an average of 500,000 new holders every day.
- Although holders have grown, they have struggled to remain profitable.
Tonmint [TON] has shown impressive growth since launch, with signs suggesting it could eventually surpass Ethereum [ETH] regarding the number of holders.
The latest data shows a steady increase in the number of Toncoin holders, suggesting it could overtake Ethereum’s numbers by the end of the year. However, while the number of shareholders has risen sharply, profitability has been on a downward trend, indicating a mixed outlook for the asset.
The rapid increase in the number of Toncoin holders
According to CryptoQuantToncoin has experienced substantial growth in its holder base. Between March 15 and October 17, the number of TON holders increased from approximately 7.12 million to almost 108 million.
This growth rate is significantly higher than Ethereum, whose number of holders has remained stable at approximately 137 million. Analysis shows that TON is currently adding approximately 500,000 holders every day.
Source: CryptoQuant
If this continues, Toncoin could surpass the number of Ethereum holders by December. Even if interest rates slow, this milestone is expected to be reached within the next year, indicating that TON could soon have more holders than ETH.
Evaluating profitability among Toncoin holders
The rapid increase in the number of holders does not necessarily equate to high profitability for all Toncoin investors. Analysis of IntoTheBlocks The global In/Out of the Money chart indicates that many Toncoin holders are currently experiencing losses.
Currently, approximately 75.43 million addresses, accounting for 80.70% of the total number of addresses, are classified as “Out of the Money”.
Conversely, only about 13.16 million addresses, or 14% of holders, are “In the Money” (profitable), while the remaining 5.22% are breaking even.
In comparison, Ethereum’s metrics show a more favorable outlook for profitability. Currently, over 67% of Ethereum holders are ‘In the Money’, while 29% are ‘Out of the Money’, making ETH a more profitable asset for its holders based on recent data.
Toncoin’s current market position
Toncoin is trading around $5.04, showing slight gains for the day but remaining below the 50-day moving average of $5,388. This positions TON in a medium-term bearish trend.
The Relative Strength Index (RSI) is at 43.54, indicating a neutral to slightly oversold situation, which could indicate room for potential upside as buying interest increases.
Source: TradingView
The Chaikin Money Flow (CMF) indicator, which is at 0.13, reflects positive money flow, indicating some accumulation within the market. TON must break above the 50-day moving average to transition into a bullish trend.
If it fails to maintain upside momentum, TON could continue to consolidate around current price or possibly test lower support levels near $4.90.
Is your portfolio green? Check out the Toncoin profit calculator
While Toncoin’s holder growth is notable, profitability remains a concern. The market’s performance in the coming weeks will largely depend on whether it can overcome these technical resistance levels and attract continued investor interest.