TechFlow news, on September 23, CryptoQuant analyst Shiven Moodley pointed out that the TON network has shown significant growth since August 2021. Its high throughput has driven scalability, while collaboration with the Telegram messaging platform has further accelerated its development.
There is a notable gap between the market capitalization and circulating supply of the TON network, which may indicate that a substantial portion of tokens are locked or held long-term, thereby affecting liquidity. Nonetheless, a general correlation still exists between market cap and circulating supply, suggesting that most of the circulating supply does contribute to market valuation.
Moodley recommends using the average market cap-to-price ratio as a proxy indicator for measuring speculative activity. He explained, "A divergence between market cap and price may suggest that token valuations are deviating from fundamental metrics, whereas close alignment implies a more rational market valuation."
