In a dramatic turn of events, the crypto space witnessed the rise of Toncoin (TON) as it surpassed Cardano (ADA) in market capitalization, securing a spot in the coveted top 10. Over the past 24 hours, Cardano slipped from ninth place to tenth, with a market capitalization of $21.65 billion.
Gamza KhanzadaevThe spotlight now shines on TON, a blockchain project associated with Telegram, the renowned messenger platform. Fueled by ambitious announcements from Pavel Durov, the billionaire behind Telegram, Toncoin's recent surge has been nothing short of meteoric.
With plans to integrate Toncoin into the messenger platform and initiate its acceptance as a mode of payment and a reward for advertising, coupled with large-scale token buyouts, Toncoin's price skyrocketed by a staggering 135% in the past month alone. Its market capitalization now stands at a formidable $23.94 billion.
The remarkable growth of TON's network, The Open Network, further underscores its rapid ascent. The total value locked in the network surged by nearly 700% since March, reaching an impressive $145 million. As a result, Toncoin has firmly secured its position in the top 10 cryptocurrencies, edging out Cardano from its former standing.
With Toncoin's eye set on further milestones, including surpassing Dogecoin's market capitalization of $28.33 billion, the cryptocurrency market braces for continued disruption.
Meanwhile, Cardano finds itself fending off competition not only from Toncoin but also from emerging contenders like AVAX and Shiba Inu (SHIB), each vying for a place in the upper echelons of the crypto hierarchy.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team