Toncoin (TON), the native cryptocurrency of The Open Network (TON), stands out among altcoins due to its deep integration with Telegram—a platform boasting over 1 billion daily active users. Despite this strategic advantage, TON's current price remains more than 60% below its all-time high.
Data reveals that TON has struggled to regain user traction after the decline of click-to-earn hype.
Whale Dominance: 68%+ of TON Supply Controlled by Large Holders
According to CoinMarketCap, over 68% of TON's total supply is concentrated in whale wallets. This imbalance raises concerns, as large-scale sell-offs by these holders could trigger extreme price volatility.
More critically, fewer than 20% of TON holders have maintained their positions for over a year. Such low long-term retention suggests most investors engage in short-to-mid-term speculation rather than value investing.
This instability may deter new investors, who typically prefer assets with:
- Decentralized token distribution
- Strong long-term holding foundations
- Lower susceptibility to whale-driven sell pressure
Over the past year, TON's price plummeted from $8.20 to $2.84—a 65% drop, leaving most recent investors underwater.
On-Chain Data: Whales Accumulating Below $3
Glassnode’s cost distribution analysis shows the majority of TON’s supply was acquired below $3. Coupled with CoinMarketCap’s whale data, this suggests large wallets accumulated most tokens during TON’s sub-$3 phase in early 2024.
Key accumulation zones identified by Glassnode:
| Price Range | TON Volume |
|-------------------|-----------------|
| $2.01–$2.05 | 1.32 billion |
| $2.18–$2.22 | 535 million |
| $2.91–$2.98 | 863 million |
| $3.83–$3.87 | 261 million |
These levels represent strong support/resistance areas where investor cost bases cluster. If prices dip further, even whales may face unrealized losses—but conversely, current levels near historical cost bases could fuel a rebound.
Daily Active Wallets Hit Yearly Low, but Long-Term Outlook Remains Positive
The Open Network’s activity continues to wane. As of June 25, active wallets numbered just 78,000—a yearly low. Per Artemis, this marks an 82% drop from early 2024’s peak of 450,000+ active wallets.
Despite post-hype metrics stagnation, some experts remain bullish on TON’s long-term potential.
👉 Why TON’s integration with Telegram could redefine crypto adoption
Tracy Jin, COO of MEXC, argues that Toncoin—leveraging Telegram’s ecosystem and UX focus—could become the first blockchain for daily-life applications by 2027.
"TON isn’t just building dApps; it’s weaving Web3 into Telegram’s existing social layer. With 900M+ users, Telegram is crypto’s largest active community, and TON is its native blockchain. The goal is seamless, invisible adoption." — Tracy Jin to BeInCrypto
While long-term projections are optimistic, new investors still await signs of price recovery and network revitalization. Given broader altcoin market sentiment, this remains a steep challenge.
FAQ Section
Q: Why is whale concentration risky for TON?
A: High whale ownership increases volatility risk, as large sell-offs can drastically impact prices.
Q: What’s driving TON’s low long-term holder rate?
A: Most investors treat TON as a speculative asset rather than a hold, reflecting weaker confidence in its long-term value.
Q: How does Telegram’s integration benefit TON?
A: Telegram’s massive user base provides TON with unparalleled exposure and potential adoption pathways.
👉 Explore how TON compares to other Telegram-integrated projects
Q: Can TON recover from its current price slump?
A: Historical support levels near $2–$3 may stabilize prices, but sustained recovery depends on renewed network activity and investor interest.