Odaily News CryptoQuant analyst Shiven Moodley wrote 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, while its cooperation with the Telegram instant messaging platform has further promoted its development. There is a clear gap between the market value and the circulating supply of the TON network, which may indicate that a considerable portion of the tokens are locked or held for a long time, affecting the liquidity of the network. Despite this, there is still a general correlation between market value and circulating supply, indicating that most of the circulating supply does participate in market valuation. Moodley recommends using the average market value to price ratio as a proxy indicator for speculative behavior. He explained, "A deviation between market value and price may indicate that the valuation of the token deviates from fundamental indicators, while a close agreement between the two suggests that the market valuation is more rational."