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Toncoin Flipped Cardano To Become 9th Largest Cryptocurrency

Key Points:

Toncoin flipped Cardano to become the ninth-largest cryptocurrency, driven by integration plans and market momentum.
Toncoin’s value skyrockets 132% in a month, hitting $7.08 with a $23.14 billion market cap.
Telegram’s initiatives, including digital ID verification and a reward system, contribute to Toncoin’s surge.

Toncoin (TON) has surged to become the ninth-largest cryptocurrency by market capitalization, surpassing Cardano’s ADA token on April 9.

TON price. Source: CoinMarketCap

Toncoin Flipped Cardano in Market Cap Ranking

Toncoin flipped Cardano marks a significant milestone for TON, the native token of The Open Network, which saw a remarkable 9% increase in value over the last day, reaching $6.67. Its impressive growth trajectory includes a 35% surge over the past week and a staggering 132% spike in the last month, culminating in a new all-time high of $7.08 on Tuesday.

The surge in Toncoin’s value has been attributed to various factors, including plans to integrate the token into messaging platforms and initiate its acceptance as a mode of payment and reward for advertising. Furthermore, large-scale token buyouts have contributed to Toncoin’s market capitalization, which now stands at an impressive $23.14 billion, which is one of the reasons why Toncoin flipped Cardano.

Toncoin’s recent rally coincided with the announcement by TON Society developers of a $5 million allocation to incentivize users to verify their identities using palm scanning technology. This initiative aims to facilitate digital identity verification for Telegram users over the next five years, with participants in the proof-of-personhood program receiving one million TON tokens.

Telegram’s Initiatives Fuel Toncoin Surge

Furthermore, Telegram‘s introduction of TON-based ads and a generous reward system for channel owners—wherein owners stand to receive 50% of the revenue generated from ads displayed in their channels—has bolstered Toncoin’s adoption and value.

Originally founded in 2018 by messaging app giant Telegram as the Telegram Open Network, the project faced regulatory challenges from the United States Securities and Exchange Commission (SEC), leading to Telegram’s withdrawal from the initiative. However, community developers persevered, leading to Telegram’s gradual re-engagement with the network, undoubtedly contributing to its recent surge in popularity and value.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.