The TON network has demonstrated significant growth momentum since August 2021, especially its ability to handle high throughput, making it excellent in terms of scalability. Its in-depth cooperation with the Telegram instant messaging platform has accelerated this growth process, allowing the TON network to take advantage of this huge user group to further enhance its influence and user base. The technical architecture of the TON network ensures efficient processing of large volumes of transactions and meets growing market demand.

However, the clear gap between the TON network’s market cap and circulating supply is worth noting. This gap may indicate that a significant portion of the network’s tokens are locked or held for the long term, which limits market liquidity to a certain extent. This phenomenon is not uncommon in the crypto market and often has an impact on a coin’s short-term price fluctuations. Despite this, there is still a certain correlation between the market capitalization of the TON network and the circulating supply, implying that although some tokens are locked or held for a long time, the supply circulating in the market still plays an important role in valuation. Participate in the price discovery process of the market.

An interesting point was made by market analyst Moodley, who suggested using the "average market capitalization to price ratio" as a proxy measure of speculative behavior. He explained, “When there is a significant deviation between market cap and price, it may mean that the market’s valuation of the token is divorced from its underlying value, showing signs of excessive speculation.” Conversely, when market cap and price remain closely aligned , often indicates that the market's valuation is more rational and the price is closer to the fundamental performance of the token.

Overall, the rapid development of the TON network and the interaction of its market capitalization and supply provide investors with a wealth of market information. In the future, as more tokens are unlocked and market demand grows, TON's liquidity and valuation may be further adjusted, making its market performance more stable and transparent.