Telegram’s Toncoin Surpasses Traditional Networks and Meme Coins in Remarkable Fashion
The battle for supremacy in the layer one (L1) networks has seen significant shifts as the Telegram-backed Toncoin (TON) blockchain has experienced remarkable growth. Toncoin has surpassed Cardano (ADA) and now even outshines Dogecoin (DOGE), which is backed by tech billionaire Elon Musk.
Recent data shows that the Toncoin network has a fully diluted valuation (FDV) of approximately $32 billion and a market cap of around $22 billion. In contrast, Dogecoin has an FDV of about $21.9 billion and lacks support for web3 smart contracts.
The success of the Toncoin network can be attributed to its backing by the Telegram social platform, which boasts over 200 million daily active users (DAU). The Toncoin ecosystem has also received significant funding, raising over $1.7 billion from renowned venture capitalists like DWL Labs.
As a result, the Toncoin network has attracted a total value locked (TVL) of about $164 million from various web3 projects, including the Notcoin (NOT) meme coin. In addition, Tether, the leading issuer of US dollar-backed stablecoins, recently announced that its tokens USDT and XAUT will be available on the Toncoin network. This development will make the adoption of web3 projects on the Toncoin ecosystem as competitive as those on the Ethereum network.
In terms of price action, Toncoin (TON) has been consolidating in recent weeks, similar to other altcoins. With the upcoming fourth Bitcoin halving, TON’s price could see further corrections in the coming months, potentially reaching the support level of $5, which also aligns with the 0.618 Fibonacci Retracement. Additionally, the weekly Relative Strength Index (RSI) indicates a bearish divergence in a rising market.
Overall, the Toncoin network’s growth and success have positioned it as a strong contender in the L1 network space, surpassing established players like Cardano and Dogecoin. With its backing from Telegram and the support of various web3 projects, Toncoin is poised to compete with the likes of Ethereum in the adoption of web3 technology.