Toncoin, Telegram narrative may be overestimated according to analysts at Blockworks Research. The social media messaging app has a relatively low number of daily active users, and no EVM compatibility. TON investors have consistently taken profits on their holdings, per Santiment data. TON trades at $7.605, down nearly 2.5% on Friday. The Telegram narrative for Toncoin has gained relevance among market participants, as TON price rallied nearly 20% in June on the OKX exchange.
This signals low penetration and a less monetizable userbase than the market appreciates. DAU/MAU ratio for social media applications Additionally, the TON ecosystem is not compatible with EVMs and its native programming language does not have as significant a community as others like Solidity and Rust. Analysts at Blockworks Research have cited these reasons to conclude how the demand for the platform, its usage and market share is likely overestimated.
Source: News Formal (newsformal.com)
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