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Toncoin Overtakes Cardano, Ranks as 9th Largest Crypto

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Toncoin Overtakes Cardano, Ranks as 9th Largest Crypto

Toncoin (TON) has taken over Cardano’s (ADA) token to become the ninth-largest cryptocurrency by market capitalization. This happened after TON experienced a 13% daily price increase, reaching $6.65 and surpassing ADA’s market cap of $22 billion. The rise in TON’s value came shortly after TON Society developers allocated $5 million Toncoin to encourage users to verify their identity using palm scanning technology. This initiative aims to provide digital identity verification for Telegram users over the next five years.

TON’s growing popularity has allowed it to outperform ADA. In the past month, TON’s price has surged by 135%, while ADA’s price has fallen by 15%. Looking at the year-to-date performance, TON has increased by 183%, while ADA has seen a 1.30% decrease. To further promote user adoption, TON launched a $115 million community incentive program, allocating funds to token mining, user incentives, airdrops, developer ecosystem support, and liquidity pool boosts.

ADA has not garnered much attention this year, as investor focus shifted towards Bitcoin exchange-traded funds (ETFs) and other significant blockchain upgrades like Ethereum’s Dencun upgrade.

TON’s price performance has been impressive, surpassing Dogecoin’s growth. While TON’s value rose by 130% in the past month, DOGE only experienced a 14.8% increase. Year-to-date, TON’s price has risen by 177% compared to DOGE’s 108% gain. A key advantage for TON is its utility within the Telegram messaging app, which may contribute directly to its price appreciation through increased user adoption.

There are concerns regarding TON’s token distribution, particularly among retail investors. CoinCarp data reveals that the top 10 holders possess over 60% of TON, and the wealthiest 100 holders hold 93% of the supply. This concentration of tokens in a few hands could be seen as a potential risk for retail investors.

The future of TON depends on its ability to maintain its momentum and attract more users. Its utility within Telegram and the ongoing incentive programs could drive further growth. Addressing the concerns surrounding token distribution will be crucial in building trust among retail investors.

3 thoughts on “Toncoin Overtakes Cardano, Ranks as 9th Largest Crypto

  1. The allocation of Toncoin for palm scanning technology seems like a desperate attempt to gain attention.

  2. TON’s incentive program shows their dedication to user adoption. Way to go!

  3. TON’s initiative of digital identity verification using palm scanning is innovative.

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