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Toncoin (TON) and Binance Coin (BNB) retraced by 4.59% and 0.21% respectively, in a day. However, they displayed bullish trends in a key metric: the percent supply in profit.
According to onchain analytics firm Glassnode, 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
In a recent X post, Glassnode noted that TON and BNB saw the strongest gains in percent supply in profit over the past 30 days. This means TON and BNB holders are becoming increasingly profitable.
Glassnode data shows 94% of TON holders are in profit as the Percent Supply in Profit metric increased by 23.8% over the past month. Over the same period, the metric also surged by 17.4% for BNB.
As a result, the number of BNB holders in profit has risen to 86.3%, per Glassnode data. Notably, TON and BNB’s profit metrics show strong conviction from traders and investors.
For clarity, the Percent Supply in Profit metric indicates the percentage of a cryptocurrency’s total supply currently in profit.
This metric sheds light on the current state of the market for a given digital asset. As of this writing, TON’s price was $3.55 and BNB, was trading at $598.64.
Toncoin Growth and Ecosystem Shift in View
Meanwhile, Toncoin has continued to maintain its ecosystem activity and liquidity.
Per CoinGlass data, Toncoin investors recently committed $12.22 million to the cryptocurrency’s derivatives market, anticipating a bullish run for the coin.
Additionally, TON’s Open Interest (OI) surged by a massive 35.86% on Tuesday as investors renewed interest in the asset.
Notably, the open interest metric provides insight into the total value of outstanding derivatives contracts, both futures and options, which have not been settled.
The surge in OI suggests that investors anticipate a sustained bullish run in the Toncoin ecosystem. The anticipation is not out of place, given TON’s recent performance.
Moreover, TON’s Total Value Locked (TVL) recently increased to $300 million, indicating steady blockchain adoption and strong long-term potential.
BNB Chain Crucial Memecoin Pivot
Intriguingly, the memecoin market witnessed a major shift recently, with activity moving from Solana to BNB Chain.
Previously, Solana represented a dominant hub for memecoin trading due to its fast speed and low fees.
However, recent issues in the crypto market, including the LIBRA scandal and scam concerns, have caused trading volumes to drop.
User activity on platforms like Pump.Fun has declined substantially. This resulted in several popular Solana-based memecoins dropping over 80% from their all-time highs.
Capitalizing on this shift, BNB Chain launched initiatives to support memecoin projects. In February, BNB Chain introduced a $4.4 million liquidity support program to strengthen the memecoin ecosystem.
The program offered daily and weekly prizes to eligible projects, maintaining ongoing liquidity and improving market stability.
Memecoins like Broccoli and Test Token (TST) benefited from this strategy, with higher trading volumes and more user involvement on the BNB chain.
