Toncoin (TON) and Binance Coin (BNB) saw a slight dip of 4.59% and 0.21% respectively, but within this retracement, they both displayed bullish trends in a key metric: the percent supply in profit. Onchain analytics firm Glassnode noted that this metric indicates a substantial rise in TON and BNB holders sitting on unrealized gains.
The Ton Coin and Binance Coin Supply in Profit Metric:
Glassnode data revealed that over the past 30 days, TON and BNB saw the strongest gains in percent supply in profit. This implies that investors are becoming increasingly profitable.
*94% of TON holders are currently profiting based on the Percent Supply in Profit metric, which increased by 23.8% over the past month. For BNB, this figure rose by 17.4%.
*The number of BNB holders in profit has risen to 86.3%, according to Glassnode data. Notably, TON and BNB’s profit metrics show strong conviction from traders and investors.
The Percent Supply in Profit metric provides insight into the current state of the market for a given digital asset. As of this writing, TON’s price was $3.55, while BNB traded at $598.64.
Toncoin Ecosystem Momentum:
Toncoin has continued to exhibit growth and activity within its ecosystem. Recent data reveals that Toncoin investors recently contributed $12.22 million to the cryptocurrency’s derivatives market, anticipating a bullish trend for the coin. Moreover, TON’s Open Interest (OI) surged by 35.86% on Tuesday as investors renewed their interest in the asset. This surge suggests sustained optimism in the Toncoin ecosystem.
Additionally, Ton’s Total Value Locked (TVL) recently rose to $300 million, demonstrating strong blockchain adoption and long-term potential.
Memecoin Market Shift Towards BNB Chain:
Meanwhile, the memecoin market witnessed a significant shift. Previously, Solana held the dominant spot for memecoin trading due to its fast processing speeds and low fees. However, recent issues in the crypto space, including the Libra scandal and concerns about scams, have led to a decline in activity on platforms like Pump.Fun.
Consequently, several popular Solana-based memecoins dropped over 80% from their all-time highs.
BNB Chain capitalized on this shift by launching initiatives to support memecoin projects. In February, BNB Chain introduced a $4.4 million liquidity program designed to bolster the memecoin ecosystem. This program offered daily and weekly prizes to eligible projects, ensuring ongoing liquidity and market stability.
Memecoins like Broccoli and Test Token (TST) benefited from this strategy, experiencing higher trading volumes and increased user engagement on the BNB Chain.
*The post Toncoin, Binance Coin Display This Common Trait appeared first on The Coin Republic.*