Home Crypto News Toncoin Becomes 9th Largest Cryptocurrency

Toncoin Becomes 9th Largest Cryptocurrency

09 Apr, 2024 Crypto News

Toncoin Becomes 9th Largest Cryptocurrency

Toncoin (TON) surpassed Cardano's ADA in market capitalization to claim the ninth spot among the largest cryptocurrencies on April 9. The question now is whether Toncoin can maintain its meteoric ascent.

After witnessing a 13% increase in its daily price, TON climbed to a value of $6.65 at 1:45 pm UTC, boasting a market capitalization of $23 billion, thereby eclipsing ADA's market cap of $22 billion, as per figures from CoinMarketCap.

This surge occurred shortly after TON Society developers earmarked $5 million in Toncoin to reward users who opt for identity verification via palm-scanning technology.

This initiative is designed to facilitate digital identity verification for Telegram users over the coming five years, with 1 million TON set to be distributed to those who engage in the proof-of-personhood scheme.

This growing enthusiasm for TON has seen it surpass ADA in performance. Over the last month, TON's price rocketed by over 135%, in stark contrast to ADA's 15% decline.

Looking at a broader timeframe, TON's price has soared by 183% since the start of the year, while ADA has experienced a 1.30% decrease.

On March 20, TON introduced a $115 million community incentive program, allocating $38 million for token mining and user rewards, $22 million for airdrops, $15 million to support The League developer ecosystem, and $40 million to enhance liquidity pools.

The objective is to foster greater adoption among users.

Conversely, ADA has not captured as much interest this year, overshadowed by the excitement around U.S. Bitcoin ETFs and significant blockchain updates, like Ethereum's Dencun upgrade.

Comparing Toncoin's market activity to Dogecoin, TON has seen a remarkable 130% increase over the past month, vastly outpacing DOGE's 14.8% gain. Year-to-date, TON's value has risen by 177%, while DOGE has gone up by 108%, according to TradingView data.

Unlike Dogecoin, which thrives on speculative demand, Toncoin's integration with the Telegram messaging app may directly contribute to its price growth as its usage expands.

However, the concentration of Toncoin holdings could be a point of concern for individual investors.

Data from CoinCarp indicates that more than 60% of Toncoin is in the hands of the top 10 holders, and the top 100 holders possess 93% of the supply.

Sources:

https://cointelegraph.com/news/telegram-toncoin-cardano-9th-largest-crypto

https://www.tradingview.com/chart/3Z94myyP/?symbol=OKX%3ATONUSDT

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