• Toncoin is seeing an average of 500,000 new holders daily.
• While holders have grown, they have struggled to remain profitable.

Toncoin [TON] has demonstrated impressive growth since its launch, with signs suggesting it could eventually surpass Ethereum [ETH] in terms of the number of holders.

Latest data reveals a steady increase in Toncoin holders, hinting that it could overtake Ethereum’s count by the end of the year. However, while holder numbers have surged, profitability has shown a downward trend, indicating a mixed outlook for the asset.

Toncoin’s rapid increase in holders

According to CryptoQuant, Toncoin has experienced substantial growth in its holder base. Between the 15th of March and the 17th of October, the number of TON holders jumped from around 7.12 million to nearly 108 million. 

This growth rate significantly outpaces Ethereum, whose holder numbers have remained steady at around 137 million. Analysis suggests that TON is currently adding roughly 500,000 holders daily. 

If this continues, Toncoin could surpass Ethereum’s holder count by December. Even if the rate slows down, this milestone is projected to be achieved within the next year, indicating that TON could soon have more holders than ETH.

Evaluating profitability among Toncoin holders

The rapid rise in holder numbers does not necessarily equate to high profitability for all Toncoin investors. Analysis from IntoTheBlock’s Global In/Out of the Money chart indicates that many Toncoin holders are currently experiencing losses. 

Presently, approximately 75.43 million addresses, accounting for 80.70% of total holders, are classified as “Out of the Money” (unprofitable).

Conversely, only about 13.16 million addresses, or 14% of holders, are “In the Money” (profitable), while the remaining 5.22% are breaking even.

Comparatively, Ethereum’s metrics show a more favorable outlook for profitability. Currently, over 67% of Ethereum holders are “In the Money,” while 29% are “Out of the Money,” making ETH a more profitable asset for its holders based on recent data.

Toncoin’s current market position

Toncoin is trading around $5.04, showing a slight gain for the day but remaining below its 50-day moving average of $5.388. This positions TON in a medium-term bearish trend.

The Relative Strength Index (RSI) sits at 43.54, suggesting neutral to slightly oversold conditions, which could signal room for potential upward movement if buying interest increases.

The Chaikin Money Flow (CMF) indicator, at 0.13, reflects positive money flow, indicating some accumulation within the market. TON must break above the 50-day moving average to transition to a bullish trend.

If it fails to sustain upward momentum, TON may continue consolidating around its current price or potentially test lower support levels near $4.90.

Is your portfolio green? Check out the Toncoin Profit Calculator

Overall, while Toncoin’s holder growth is notable, profitability remains a concern. Its market performance in the coming weeks will largely depend on whether it can overcome these technical resistance levels and attract continued investor interest.