Toncoin (TON) Surpasses Dogecoin (DOGE) in Market Value and Sets Sights on XRP
The social media platform Telegram is undergoing a remarkable transformation into a hub for web3 technology through The Open Network (TON). Toncoin (TON), after surpassing Cardano (ADA) in terms of value, has now outperformed the leading meme coin Dogecoin (DOGE) in terms of market share and daily average trading volume. Recent market data shows that Toncoin’s market cap is approximately $24.45 billion, giving it a $4 billion lead over Ripple-backed XRP.
However, Dogecoin remains a favorite among many crypto investors, with 7.3 million non-zero addresses and a daily average trading volume of around $3.76 billion. On the other hand, Toncoin’s daily average trading volume is about $690 million.
What’s driving Toncoin’s success? It’s all about making crypto truly useful! CEO and Founder of Telegram, Pavel Durov, will reveal the platform’s first real-world, valuable use case at the Token2049 Dubai event. This development will be available to all of Telegram’s 900 million monthly active users.
The Toncoin ecosystem is experiencing rapid growth, thanks to the massive user base of Telegram. Currently, the Toncoin network has a total value locked (TVL) of approximately $156 million and has raised over $1.7 billion from key investors like DWF Labs.
The Toncoin network is dedicated to democratizing smart contracts through its decentralized financial (DeFi) platforms. Additionally, it supports web3 developers in creating user-friendly decentralized applications (Dapps).
In terms of price targets, Toncoin, with a fully diluted valuation of around $35 billion, recently reached its all-time high of approximately $7.6. As it continues to explore price discovery, Toncoin is expected to see further gains in the coming weeks and months. Institutional investors and the large number of Telegram crypto investors contribute to the robustness of the Toncoin ecosystem.
The weekly Relative Strength Index (RSI) of Toncoin’s price against the US dollar has consistently remained above the 70 level, indicating that more gains are likely in the future. From an Elliott wave principle perspective, Toncoin’s price on the weekly time frame is currently in the third wave, which tends to be longer than the first wave.
Tags: Altcoins, Price Analysis