Cardano

Toncoin

Momentum

Dogecoin

Toncoin (TON) achieved a significant milestone on April 9 by surpassing <a href="https://thecoinrise.com/cardano-welcomes-its-first-fiat-backed-stablecoin/" rel="noopener noreferrer nofollow">Cardano’s ADA token</a> to become the ninth-largest cryptocurrency by market capitalization.&nbsp;
Following a remarkable 13% surge in its daily price, TON reached $6.65, leading to a market capitalization of $23 billion, overtaking ADA’s market cap of $22 billion, according to CoinMarketCap <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">data</a>.
<h2 id="span-style-font-weight-400-toncoin-price-rally-span">Toncoin Price Rally</h2>
The rally in TON’s price occurred just a day after TON Society developers announced a $5 million allocation of Toncoin to incentivize users to undergo identity verification using palm scanning technology.&nbsp;
This initiative aims to facilitate digital identity verification for Telegram users over the next five years and offers one million TON tokens to participants in the proof-of-personhood program.
<a href="https://thecoinrise.com/tether-and-toncoin-backers-jump-onboard-the-e-commerce-wave-fueling-stage-6s-success/" rel="noopener noreferrer nofollow">TON’s recent surge in interest</a> has allowed it to outperform Cardano’s ADA significantly. Over the past month, TON’s price has soared by over 135%, whereas ADA’s price has experienced a decline of 15%.&nbsp;
Furthermore, TON’s year-to-date (YTD) performance has been impressive, with a price increase of 183%, compared to ADA’s YTD decrease of 1.30%.
<h3 id="span-style-font-weight-400-toncoin-debuted-115m-incentive-program-span">Toncoin Debuted $115M Incentive Program</h3>
To further drive user adoption, TON launched a $115 million community incentive program on March 20. This program includes allocations for token mining, user incentives, airdrops, developer ecosystem support, and liquidity pool boosts.
In contrast to TON’s recent success, Cardano’s ADA has experienced relatively low interest this year, with investor attention focused on other developments such as Bitcoin exchange-traded funds (ETFs) and major blockchain upgrades like Ethereum’s Dencun upgrade.
<h2 id="span-style-font-weight-400-maintaining-momentum-and-potential-concerns-span">Maintaining Momentum and Potential Concerns</h2>
Toncoin’s <a href="https://thecoinrise.com/ton-foundation-chooses-toncoin-fund-as-its-official-ecosystem-fund-to-target-dex-and-nft-tools/" rel="noopener noreferrer nofollow">remarkable price performance</a> has outpaced that of Dogecoin (DOGE) significantly. Over the past month, TON has risen by 130%, while DOGE has only gained 14.8%.
Year-to-date, TON’s price has surged by 177%, compared to DOGE’s increase of 108%. Unlike DOGE, which often experiences price fluctuations driven by speculation, TON’s utility within the Telegram messaging app could directly contribute to its price appreciation as user adoption grows.
However, Toncoin’s token distribution may raise concerns among retail investors. Data from <a href="https://www.coincarp.com/currencies/toncoin/richlist/" rel="noopener noreferrer nofollow">CoinCarp</a> indicates that over 60% of Toncoin is held by the top 10 largest holders, with the top 100 holders possessing 93% of the token’s total supply.&nbsp;
Such a concentration of ownership could potentially lead to market manipulation and volatility, posing risks for retail investors.
The post <a href="https://thecoinrise.com/toncoin-surpasses-cardano-to-become-ninth-largest-crypto/" rel="noopener noreferrer nofollow">Toncoin Surpasses Cardano to Become Ninth-Largest Crypto</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Toncoin Surpasses Cardano to Become Ninth-Largest Crypto

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