TON Price Surges Beyond Dogecoin, Aims to Overtake XRP in Top 10 Rankings
Toncoin (TON) has achieved a significant milestone by surpassing Cardano (ADA) and Dogecoin (DOGE) in terms of market cap and daily average trading volume. This has propelled Toncoin into the top 10 most valuable digital assets.
Toncoin’s market cap now stands at approximately $24.45 billion, giving it a substantial lead of around $4 billion compared to Ripple-backed XRP. However, Dogecoin continues to hold a strong following, boasting 7.3 million non-zero addresses and a daily average trading volume of about $3.76 billion, which is significantly higher than Toncoin’s daily average trading volume of approximately $690 million.
The rapid growth of the Toncoin ecosystem can be attributed to the massive user base of Telegram, which has hundreds of millions of daily active users. Currently, the Toncoin network has a total value locked (TVL) of around $156 million and has received over $1.7 billion in investments from key players like DWF Labs.
The Toncoin network is focused on democratizing smart contracts through its decentralized financial (DeFi) platforms. It is also actively supporting web3 developers in creating Dapps that cater to the needs of everyday users.
With a fully diluted valuation of $35 billion, Toncoin recently reached an all-time high (ATH) of approximately $7.6. Analysts predict further gains in the coming weeks and months due to increased demand from institutional investors and the growing Telegram crypto community.
Technical indicators suggest a bullish outlook for Toncoin, with the weekly Relative Strength Index (RSI) consistently above the 70 level against the US dollar. The price trajectory of Toncoin on the weekly time frame aligns with the Elliott wave principle, indicating that it is currently in the third wave, which typically signifies extended rallies and signals an upcoming rise in price.
In conclusion, Toncoin’s recent achievements and promising future growth make it an intriguing digital asset to watch.