Telegram-linked crypto token Toncoin (TON) recently climbed above Cardano (ADA) to become the ninth-largest crypto token by market cap. TON’s explosive move and sustained bullish momentum have raised the possibility that it could soon flip Dogecoin (DOGE), which currently occupies the eighth position.
Toncoin Hits New All-Time High (ATH)
Toncoin hit a new all-time high (ATH) of $7 on its way to overtaking ADA in the crypto ranking by market cap. This recent move further highlights the crypto token’s impressive price action since the beginning of the year. TON currently boasts a year-to-date (YTD) gain of over 193% and has enjoyed the most gains among the top 10 crypto tokens.
TON’s current bullish momentum is believed to be due to several factors, including the recent integration of TON payments into the messaging platform Telegram. Telegram boasts over 900 million active users, meaning that TON’s utility could quickly skyrocket as more users on the platform continue to gain interest in the crypto token.
Telegram also previously announced that it would kickstart an ad revenue-sharing program for channel owners, with payment made exclusively in TON. Telegram’s active promotion of the crypto token isn’t surprising, considering that Telegram’s founder Pavel Durov developed the original TON network, which was known as the ‘Telegram Open Network’ before it rebranded to The Open Network (TON).
Meanwhile, TON has also benefitted from the hype around the Telegram-based game Notcoin, which is set to launch its token on the TON network later this month. This launch is also expected to drive liquidity into the TON ecosystem and increase the network’s adoption. For context, Notcoin has over 35 million players.
Will Toncoin Flip Dogecoin?
Toncoin currently boasts a market of over $23 billion compared to DOGE’s market cap of $27 billion. However, a significant price surge for TON could easily see the crypto token climb above the foremost meme coin to become the eighth-largest crypto token by market cap. Moreover, DOGE has had a tepid price action lately and has shown little signs of making any parabolic move to the upside.
On the other hand, TON has continued to record remarkable gains despite the bearish sentiment plaguing the broader crypto market. Specifically, TON has outperformed DOGE in the last seven days, boasting a price gain of over 32% to DOGE’s gain of just 2%.
While TON’s price has shown incredible strength, it is worth noting that the crypto token’s tokenomics isn’t the most impressive. Data from CoinCarp shows that TON’s top 100 holders hold 93.20% of its circulating supply. This is undoubtedly a cause for concern as these whales could easily send TON’s price crashing down.
At the time of writing, TON is trading at around $6.79, down in the last 24 hours, according to data from CoinMarketCap.