Telegram-linked Toncoin flips Cardano to become 9th largest crypto

by

On April 9, Toncoin (TON) surpassed Cardano (ADA) to rank as the nininth-largest cryptocurrency by market capitation. Will Toncoin’s meteoric growth persist?

TON becomes the ninth-largest crypto

After a 13% surge in its daily price, TON reached $6.65 by 1:45 p.m (UTC), making it the ninth largest cryptocurrency with a $23 billion total value in the market. This surpassed ADA‘s previous market cap of $22 billion, based on CoinMarketCap’s latest information.

Yesterday, TON Society developers allocated $5 million worth of Toncoin to motivate individuals to confirm their identities through palm scanning technology. The objective is to facilitate digital identity verification for Telegram members within the next five years. Approximately one million TON will be distributed among participants in the proof-of-personhood initiative.

TON’s growing popularity has resulted in it surpassing Cardano’s ADA in recent performance. Over the past month, TON‘s price has spiked by over 135%, whereas ADA‘s price has decreased by 15%.

Zooming out further, TON price increased 183% year-to-date (YTD), while ADA price fell 1.30% YTD.

On March 20, TON initiated a $115 million community engagement scheme, allocating funds as follows: $38 million towards token mining and rewards for users, $22 million earmarked for airdrops, $15 million set aside for The League developer platform, and $40 million dedicated to increasing liquidity pools. The objective is to stimulate broader user involvement.

Instead of Toncoin generating significant buzz this year, Cardano’s ADA received relatively minimal attention from investors. The spotlight was instead on Bitcoin ETFs and other significant blockchain enhancements like Ethereum’s Denis upgrade, which captured the majority of investor interest.

Can TON maintain its momentum?

Over the last month, Toncoin’s price has significantly surpassed Dogecoin’s growth. Specifically, Toncoin experienced a 130% increase, whereas Dogecoin managed only a 14.8% gain. As of now, Toncoin’s yearly growth stands at 177%, compared to Dogecoin’s 108% rise in price, based on TradingView data.

The value of Dogecoin is primarily determined by speculation, while Toncoin’s worth may grow as more people use it within Telegram, resulting in price increases due to its practical application.

There may be doubts among individual investors regarding Toncoin’s token distribution. Based on CoinCarp’s information, approximately two-thirds of Toncoin’s tokens are owned by just ten individuals, and almost all the supply (93%) is in the possession of the hundred wealthiest holders.

Read More

2024-04-09 19:51