• Cardano (ADA) has dropped out of the top 10 cryptocurrencies by market capitalization, replaced by Toncoin (TON)
• Meme coins like Shiba Inu (SHIB) and Dogwifhat (WIF) have been surging, with SHIB nearing Cardano’s market cap
• Cardano influencer Chris O praised Cardano’s approach of solving real-world problems, contrasting it with Solana’s acceptance of meme coins
Cardano has just been knocked out of the top 10 cryptocurrencies by market capitalization. Meanwhile, Toncoin has climbed into the coveted top 10 spot. This battle between the two projects highlights some key differences between their approaches and goals.
Toncoin’s Recent Success
After dropping 47% over the last seven days, Cardano has fallen out of the top 10 tokens by market capitalization according to CoinGecko data. At the same time, Toncoin (TON) climbed 32% over a seven day period, making it into the top 10. This isn’t the first time this exact swap has happened. In April, Toncoin flipped Cardano after TON jumped 12% in a day.
TON is now the 10th most valuable cryptocurrency in the world according to CoinGecko, with a market cap of over $22 billion. One of The Open Network’s most successful projects, Notcoin, recently launched its NOT token alongside bringing in $1 billion in trading volume and recently hit a $1 billion market cap.
Cardano’s Ongoing Struggles
Meanwhile, Cardano’s market cap of $16 billion places it as the 11th most valuable cryptocurrency, with meme coin Shiba Inu within touching distance at less than $100 million away. This comes amid meme coins riding high, with dog coins leading the pack.
Created in 2015 by Charles Hoskinson after he co-founded Ethereum, Cardano takes itself more seriously than projects like its long time competitor Solana. Cardano influencer Chris O took to Twitter to slam Solana’s acceptance of meme coins, calling it a “web3 casino” while praising Cardano’s approach of aiming to solve real world problems and positively impact society.
Despite ambitious goals, skeptics have called Cardano a “ghost chain” with only 29,000 daily active wallets according to DeFi Llama. While DeFi Llama doesn’t have this statistic for The Open Network, the project itself reports nearly 500,000 daily active wallets on TonStat.
Key Differences Between the Networks
While both Cardano and The Open Network aim to be useful, decentralized networks, they have taken divergent approaches. Cardano has focused on building technology to solve complex issues like identity and governance, whereas The Open Network has focused more on usability and adoption. Their recent battle for a spot in the top 10 cryptocurrencies highlights these philosophical differences. It remains to be seen which strategy will win out in the long run.
Conclusion
The ever-shifting crypto market continues to produce shakeups at the highest levels. As Cardano and The Open Network joust for top 10 status, it spotlights their contrasting styles. But in the fast-moving world of blockchain, today’s winners can quickly become tomorrow’s losers. Both networks will need to continue evolving to stay relevant in the long term. Their ongoing competition pushes them to keep improving, which ultimately benefits the entire cryptocurrency ecosystem.
