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The Open Network (TON) blockchain, known for its early association with the messaging platform Telegram, has experienced explosive growth across 2024, with trading volume, total value locked, active users, and daily transactions all growing considerably.
According to a September 2024 report from Bitget Research, TON has become one of the fastest-growing blockchains in 2024, experiencing rapid growth across several metrics.
On-chain transactions, total value locked (TVL), and decentralized exchange (DEX) trading volumes have all surged, along with the popularity of decentralized applications (dApps) such as Catizen, DOGS, and Tomarket, which have attracted millions of users.
But who owns the most TON? Tracking the activities of crypto whales of a token is a wise move — these individuals have the power to influence market prices due to the large size of their trades.
In this article, we will explore the top 10 Toncoin holders as of November 2024.
Key Takeaways
- The TON blockchain has seen explosive growth in 2024, with trading volume, TVL, and daily transactions increasing significantly.
- The growth has also benefited the network’s native token, Toncoin (TON).
- The TON Believers Fund holds over 25% of the total supply, which locks tokens to stabilize prices and reward long-term holders.
- The Elector wallet, holding over 13% of TON, manages staking and validator rewards.
Top 10 Toncoin Holders
Monitoring whale activities can provide clues about market sentiment and potential market direction.
Large transactions by whales can impact market liquidity. If a whale sells a substantial amount of crypto, it can create selling pressure, reducing liquidity and potentially lowering prices. Conversely, large purchases can drive prices up.
Now that we know why it is crucial to know and track the biggest TON holders, let’s look at the top holders of Toncoin:
| Rank | Address | Quantity (TON) | Percentage (%) | USD Value |
| 1 | EQDtFpEwcFAEcRe5mLVh2N6C0x-_hJEM7W61JnSF74p4q2 | 1,317,379,090 | 25.75 | $7,127,020,877 |
| 2 | Ef8zMzMzMzMzMzMzMzMzMzMzMzMzMzMzMzMzMzMzM0vF | 695,473,774 | 13.59 | $3,762,513,117 |
| 3 | EQBmzW4wYIFW0tiBgj5sP1CgSILdYs-VpjPWM7oPYPWQEdT | 531,223,651 | 10.38 | $2,873,919,952 |
| 4 | EQCMOXxD-f8LSWWbXQowKxqTr3zMY-X1wMTyWp3B-LR6s3Va | 164,689,375 | 3.22 | $890,969,519 |
| 5 | Ef_mIXHnufWO3-vvopfIR_NpIFMiidvp_xt20Qf8usMBBKzB | 112,400,332 | 2.2 | $608,085,796 |
| 6 | EQBP4mzpDIywL1SV-Wp9ZuBBIzprR9eXQgSYGBUEHm7yYF | 99,337,700 | 1.94 | $537,416,957 |
| 7 | Ef8ZvWFCk64ubdT7k9fADIAADZW2oUeE0F__hNAx5vmQ27Ls | 87,810,799 | 1.72 | $475,056,423 |
| 8 | EQAMoPBaaE_ud88pid9_AW7hjWVz6hWfOXwmUtAdSXq4putF | 69,275,202 | 1.35 | $374,778,843 |
| 9 | Ef89RBOFf9PQfgYWux_etNzUVjK_d7wXxkeFyVNvof46VrQn | 64,188,596 | 1.25 | $347,260,304 |
| 10 | Ef9mDsqzlg2i8fdw0Bb7UGafA3Gc1qX5IYjp6AOZwGlfvim2 | 58,445,005 | 1.14 | $316,187,477 |
Who owns the most Toncoin? Table accurate as of November 24, 2024
TON Believers Fund Wallet Holds Over 25% of Toncoin Supply
According to data from CoinMarketCap, there are currently 2.55 billion Toncoin in circulation, compared to its total supply of 5.12 billion.
The top 10 addresses collectively hold 3,200,223,524 TON, which accounts for approximately 62.54% of the total supply.
The largest holder is the address EQDtFpEwcFAEcRe5mLVh2N6C0x-_hJEM7W61JnSF74p4q2, which holds 1,317,379,090 TON, representing 25.75% of the total supply.
This address belongs to the TON Believers Fund, also known as “The Locker,” a community-driven initiative within the blockchain that allows TON owners to lock their Toncoin into a smart contract for a total of five years — comprising a two-year lockup period followed by a three-year vesting phase.
The mechanism aims to reduce the circulating supply of TON, thereby enhancing token stability and rewarding long-term commitment from participants.
“Starting from October 12, 2025, the coins, along with a share of the rewards, will begin to be distributed among all those who made deposits – this phase will last for another 3 years. All contributions made will be used as rewards for depositors,” according to the network.
The TON Believers Fund ceased accepting new deposits on October 23, 2023.
TON’s “The Elector” Wallet Holds Over 13% of Supply
The second largest holder of Toncoin is dubbed “The Elector” wallet, which holds 695,473,774 Toncoin, representing 13.59% of the total supply.
The Elector wallet is responsible for managing validator staking. Validators, which secure the TON blockchain, need to stake Toncoin as collateral to participate in the network.
The wallet is also responsible for distributing rewards to validators. After each validation cycle, rewards are paid out to validators and delegators (those who stake through validators).
“The Elector” wallet accumulates validators rewards before disbursing them, which describes why it has added over 69,000,000 Toncoin over the past week.
The third largest Toncoin holder is the “Ecosystem Reserve” wallet, which holds 531,223,651 Toncoin, representing 10.38% of the total supply.
As the name suggests, the Ecosystem Reserve wallet is a repository holding Toncoin intended to be allocated to support and foster the growth and development of the TON ecosystem.
Telegram is 4th Largest Holder of Toncoin
The fourth largest Toncoin holder is Telegram, which holds 164,689,375 Toncoin, accounting for 3.22% of the total supply.
Telegram holds a substantial amount of Toncoin due to its role in the development of the TON blockchain.
Initially, Telegram aimed to create a blockchain platform to integrate with its messaging app but had to halt plans and discontinue its involvement with the TON due to legal challenges from the U.S. Securities and Exchange Commission (SEC).
It is worth noting that the concentration of Toncoin in Telegram’s wallet has raised centralization concerns within the community. The concerns grew even stronger after the platform rolled out Toncoin payments for advertisers in April.
"To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin." @durov#TON ?? pic.twitter.com/c6c46adOV1
— TON ?? (@ton_blockchain) February 28, 2024
Shortly after, community members noted that ad payments would quickly account for far more than 10% of the TON supply at Telegram itself. To address this issue, CEO Pavel Durov announced plans to sell Telegram’s TON holdings at below-market prices.
“To limit Telegram’s share of TON at ≈10% of the supply, we’ll be selling the upcoming surplus of our TON holdings to long-term investors — under 1-4 years lockup and vesting plan, but at a discount to the market price,” he wrote at the time.
Next on the Toncoin rich list is seemingly a Toncoin millionaire who owns 112,400,332 TON (worth more than $600m in November 2024), representing 2.20% of the total supply. The significant balance is related to early mining activities during the initial stages of TON blockchain.
The ecosystem as a whole also now boasts over 1,000 dApps, and its TVL, which stood at around $155 million in November 2024, reached a peak of around $450 million in July but started to decline after legal troubles surrounding Telegram CEO Pavel Durov.
Nevertheless, the growth of the TON ecosystem has also benefited the network’s native token, and Toncoin has gained more than 130% over the past year, according to data from CoinMarketCap.
The Bottom Line
Telegram is the largest single entity with the largest amount of Toncoin, over 3% of the token’s total supply. Which, compared to many projects, marks TON as a fairly decentralized project.
Telegram plans to sell surplus tokens to maintain decentralization, which is another move that should be praised.
