According to Foresight News, CryptoQuant analyst Shiven Moodley wrote that the TON network has shown significant growth since August 2021. Its high throughput has promoted the scalability of the network, and the cooperation with the Telegram instant messaging platform has further promoted its development. . There is a significant gap between the market cap of the TON network and the circulating supply, which may indicate that a significant portion of the tokens are locked or held for the long term, affecting the network’s liquidity. Still, there is a general correlation between market cap and circulating supply, suggesting that a large portion of circulating supply does participate in market valuation.
Moodley suggested using the average market cap to price ratio as a proxy for speculative behavior. He explained, “A deviation between market cap and price may indicate that the valuation of a token deviates from fundamental indicators, while a close alignment between the two suggests a more rational market valuation.”
