Recently, Toncoin (TON) on Telegram’s blockchain surpassed Cardano (ADA) to rank as the ninth largest crypto token based on market capitalization. The remarkable surge and continuous upward trend of TON have sparked speculation that it may soon overtake Dogecoin (DOGE), currently holding the eighth position.
Toncoin Hits New All-Time High (ATH)
Toncoin reached an unprecedented peak price of $7, surpassing ADA in cryptocurrency market capitalization rankings. This achievement underscores Toncoin’s remarkable price growth throughout the year, with a YTD increase of more than 193%. Among the top ten crypto tokens, Toncoin has seen the most significant price advancement.
The surge in TON‘s value currently is thought to be driven by various reasons, one of which is the new integration of TON payments within Telegram. With over 900 million active users on Telegram, there’s a massive potential for TON’s usage to grow rapidly as more and more users on the platform become intrigued by the crypto token.
Telegram previously announced its plan to launch a revenue-sharing program for channel owners on its platform, where payments will be made exclusively in TON. This isn’t unexpected, given that Telegram’s founder Pavel Durov created the initial TON network, which was initially called ‘Telegram Open Network,’ but later renamed The Open Network (TON).
At the same time, the TON blockchain has gained traction due to the upcoming token launch of Notcoin, a popular Telegram game with over 35 million players, on its platform later in this month. This event is predicted to inject liquidity into the TON ecosystem and boost network usage.
Will Toncoin Flip Dogecoin?
The value of Toncoin is currently more than $23 billion in the market, which is less than DOGE‘s market cap of approximately $27 billion. Nevertheless, if Toncoin experiences a substantial price increase, it could potentially surpass DOGE and rank as the eighth largest crypto token by market capitalization. In contrast, DOGE has exhibited limited price activity recently with minimal evidence of a significant upward trend.
In contrast, TON has defied the pessimistic crypto market trend and achieved significant growth. For instance, within the past week, TON has surpassed DOGE with a price surge of more than 32%, compared to DOGE‘s meager increase of only 2%.
The value of TON has been remarkably robust, but it’s important to mention that the token’s economic structure isn’t particularly noteworthy. According to CoinCarp, the top 100 owners control 93.20% of the available TON tokens. This is a potential issue because these large holders have the power to significantly influence the price by selling their tokens en masse.
Currently, TON is priced at approximately $6.79 during this writing session, marking a decrease within the past 24 hours based on CoinMarketCap’s recent statistics.
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2024-04-10 21:11