CryptoQuant analyst: TON network liquidity dynamics show a long-term holding trend, with a clear difference between market value and circulation

CryptoQuant analyst Shiven Moodley wrote on the X platform 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 suggests using the average market capitalization to price ratio as a proxy measure of speculative behavior. He explained, “The deviation between market cap and price may indicate that the token’s valuation deviates from fundamental indicators, while close alignment between the two suggests a more rational market valuation.”