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Despite a 14.31% decline in the last 30 days, Toncoin (TON) has flipped dog-themed Shiba Inu (SHIB) in market capitalization ranking. TON achieved this amid the bearish outlook in the ecosystem. Notably, TON has not been able to reclaim $3.50 in the past month.
Toncoin climbs despite 14% monthly decline
According to CoinMarketCap data, TON has experienced price volatility with deeper lows testing the $3.10 support levels. However, the asset has managed to flip SHIB, battling fluctuations and other ecosystem issues.
As of press time, TON's total market cap is $7.9 billion, which is $130 million more than SHIB's. Shiba Inu’s market has decreased by 2.07% to $7.77 billion within the last 24 hours.
TON slipped from $3.32 in late April as key metrics, including trading volume, declined. After a recent dump by market participants, the asset appears to have entered a consolidation phase.
However, if volume picks up and the ecosystem sustains the momentum, TON might likely see a bullish breakout. Additionally, TON must climb to $3.35 to signal a major breakout opportunity.
Investors are watching the price outlook as a dip below the crucial $3.10 support could see TON plunge to $2.85.
If TON records a bullish breakout and reclaims $3.50, its market cap could soar to $8.68 billion. This would see it flip the 14th-ranked Stellar (XLM), which currently has a market cap of $8.36 billion.
Shiba Inu records market reversal and volume drop
SHIB declined from $0.00001343 to $0.00001316 in the last 24 hours as a bearish reset took over the ecosystem. Investor trading outlook also recorded a pullback, resulting in a 27.62% decline in trading volume to $119.94 million.
This marks a reversal from the recent upsurge when over 13 billion SHIB tokens stunned crypto exchanges. The price outlook caused the reversal, with analysts watching for new breakout signals.
Vladislav Sopov