CryptoQuant Analyst: The liquidity dynamics of the TON network indicate a long-term holding trend, with a significant difference between market value and circulation volume

CryptoQuant analyst Shiven Moodley posted on platform X, stating that the TON network has shown significant growth since August 2021. Its high throughput has driven the scalability of the network, and its collaboration with Telegram instant messaging platform further promoted its development.

There is a noticeable gap between the market value and circulating supply of the TON network, which may indicate that a considerable portion of tokens are locked or held for long term, thus affecting the liquidity of the network. Despite this, there is still a general correlation between market value and circulating supply, indicating that most of the circulating supply indeed participates in market valuation. Moodley suggests using average market value to price ratio as a proxy indicator to measure speculative behavior. He explained: "The deviation between market value and price may suggest that token valuation deviates from fundamental indicators while their close consistency implies more rational market valuation."