- Toncoin’s strong price performance continues, even during the current market slump.
- TON is poised to overtake DOGE as the eighth-largest cryptocurrency by market cap.
- On-chain metrics show strong belief in the TON chain.
Toncoin has been on a seemingly unstoppable ascent in recent weeks. The project has added a string of high-profile partnerships, most notably with stablecoin giant Tether, and experienced a positive uptick in its on-chain metrics.
Despite the wider market slump this week, Toncoin grew 7% over the last 24 hours, moving closer to DOGE’s market cap valuation. This surge has positioned TON to potentially overtake Dogecoin as the eighth-largest cryptocurrency.
Toncoin on a Roll
Toncoin’s market cap has grown a substantial 27% since the start of June, reaching a valuation of $19.7 billion at the time of writing. This remarkable surge has propelled TON into contention to flip Dogecoin for the eighth spot in the cryptocurrency rankings, per CoinMarketCap data.
Dogecoin’s current market cap stands at $20.6 billion, putting Toncoin just $900 million behind DOGE.
If everything remained the same, the price of TON would need to increase by $0.37 from its current level (a 4.5% increase) to $8.47 to equal Dogecoin’s market cap valuation.
Considering Toncoin’s recent strong run, a 4.5% price increase is quite feasible. Moreover, analysis of Toncoin’s on-chain metrics suggests that its strong price performance is supported by robust on-chain activity, indicating growing adoption and usage.
Solid On-Chain Metrics
Toncoin’s on-chain metrics support its strong price performance, suggesting growing network adoption and usage.
According to TonStat data, the TON network saw a sharp increase in the number of accounts, which refers to any type of smart contract, growing 670% from 4.4 million at the start of 2024 to a current 34 million today. This substantial growth in accounts indicates a surge in development activity and the deployment of diverse applications on the TON blockchain.
Monthly active wallets have skyrocketed, up 2,300% from 222k on Jan 1 to 5.4 million at present. Likewise, the total value locked (TVL) on the TON network has grown 1,400% from 4.3 million TON on Jan 1 to 65.6 million TON currently.
These on-chain metrics demonstrate a rapidly expanding user base with a significant increase in investor belief that TON can compete with Ethereum and Solana.
On the Flipside
- Crypto prices, and therefore market cap valuations, are volatile making rankings highly changeable.
- Toncoin was recently accused of market cap manipulation, leading to a devaluation that took it out of the top 10. TON has since re-captured its prior 9th spot position.
- Despite Toncoin‘s rising status, Binance does not list the TON token yet.
Why This Matters
With Toncoin closing in on Dogecoin, overtaking the king of memecoins would represent a significant coup for this rising project.
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