CryptoQuant analyst Shiven Moodley said in a post on the X platform that the TON network has shown significant growth since August 2021, and its high throughput has driven the scalability of the network, and the cooperation with the Telegram instant messaging platform has further promoted its development. There is a clear gap between the market cap of the TON network and the circulating supply, which may indicate that a considerable part of the tokens are locked or held for a long time, thus affecting the liquidity of the network. Nonetheless, there is a general correlation between market cap and circulating supply, indicating that most of the circulating supply does participate in market valuation. Moodley suggests using the average market cap-to-price ratio as a proxy measure of speculation. "The divergence between market cap and price may indicate that the valuation of the token deviates from fundamental indicators, while the close alignment between the two suggests that the market valuation is more rational," he explains.