Since its emergence, TON has garnered significant attention and achieved a major milestone, surpassing Ethereum in various metrics almost daily during the first two weeks of June. As of the time of writing, TON has risen by 4.44% in the last 24 hours, reaching $7.9 and continuing to attract attention. This price movement has pushed TON’s market cap past $19 billion, maintaining its position as the 9th largest in terms of volume. So, what are the reasons behind TON’s rise?
TON and Ethereum Competition
The number of daily active addresses is a significant indicator. Data provided by Artemis, shown below, reveals the number of unique wallets conducting transactions on the blockchain.
Artemis, analyzing data since May 17, shared a graph indicating that TON and Ethereum have shown similar values. More importantly, TON has achieved a significant success.
Evaluating the first 11 days of June, Artemis revealed that TON surpassed ETH on 10 of those days.
On June 3, TON marked a historic level of 568,300 addresses, a value last seen on Ethereum on September 13, 2023. It is important to note that Ethereum Layer-2 solutions handle a significant portion of the transaction load.
When examining just one day’s data, on June 11, the daily active address count for Ethereum’s top 3 Layer-2 solutions—Arbitrum (ARB), Base, and Optimism (OP)—was calculated to be 1.3 million.
Why is TON Rising?
The recent surge in the TON ecosystem seems to be driven by multiple factors. Significant support from Telegram and the awareness created by mini applications have greatly contributed to TON’s rise.
For instance, Notcoin, which attracts millions of users worldwide and distributes rewards, is believed to have greatly benefited the TON ecosystem. After its gaming phase, NOT drew the entire market’s attention with its reward process, entering the market in May and currently ranking 49th with a market value of $1.9 billion.
During this period, the TON ecosystem garnered significant interest and rose due to the impact of applications like NOT.
