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In a dramatic twist, Toncoin (TON) has pushed Dogecoin (DOGE) to the sidelines to become the eighth largest cryptocurrency by market capitalization.
Toncoin boosted recovery
As the majority of assets resumed their recovery after a massive and sustained bloodbath over the weekend, Toncoin’s rally surpassed that of Dogecoin remarkably.
At the time of writing, Toncoin is up 16.1% in the past 24 hours to $7.10. This growth extended its weekly gains to 28.3%, and compared to DOGE’s 19.1% slump over the same period, TON has gained the edge to outrank the meme coin and others.
With the current market outlook, Toncoin boasts a market value of $24,497,306,751, surpassing Dogecoin’s $24,015,338,443. Considering the tiny gap between the duo, it remains unclear whether or not DOGE's flipping by TON is here to stay; however, this rare feat is one that members of the Toncoin ecosystem are celebrating in no small way.
Toncoin has been on a parabolic run since the start of the year. Its growth in the year-to-date (YTD) comes in at 205.7% and far outstrips that of Bitcoin (BTC), pegged at 57.13%.
Toncoin ambitions: Flipping XRP next?
Toncoin has a strong ambition that might see it outstrip XRP in the long term. Climbing to this spot at the moment takes grit, and it comes after the coin displaced Cardano (ADA) to enter the top 10 most capitalized cryptos earlier this month.
There are many catalysts powering the meteoric rise of Toncoin. Its unique technology helps it scale decentralized applications built on it, and its close association with Telegram is also a boost triggering its growth. In all, the Toncoin ecosystem has many ambitious users who have helped form a close-knit community that is powering and promoting innovations on the network.
Alex Dovbnya
