- Toncoin (TON), the token of The Open Network, has surged to become the 10th most valuable cryptocurrency by market cap, flipping Cardano out of the top 10
- TON’s price hit a new all-time high of $0.706 on April 9, 2024, rising 32% over the past week and 132% over the past month
- The rise of TON is attributed to the growing adoption and integration with Telegram, including the launch of a self-custody TON wallet, Telegram’s plans to share ad revenue in TON, and the acceptance of TON for advertising payments
The Open Network’s TON token has seen a massive price surge in recent weeks, propelling it into the top 10 cryptocurrencies by market capitalization and displacing Cardano in the process.
Toncoin Price Hits New Peak
Toncoin (TON) reached a new all-time high of $7.06 on Tuesday before settling around $6.65. This represents a 32% gain over the past week and a staggering 132% rise in the last month alone. TON now has a market cap exceeding $23 billion, making it the 10th-most valuable cryptocurrency.
Cardano Knocked From Top 10
TON’s meteoric rise has directly impacted Cardano (ADA), which previously held the #10 spot. With a 21% drop in price today, ADA’s market cap has fallen below $21 billion. Cardano is currently trading around $0.60, down significantly from its all-time high of $3.10 last year.
TON’s Growing Adoption
The Open Network was originally started by Telegram in 2018 as the Telegram Open Network (TON) but was later abandoned after drawing regulatory scrutiny. However, an independent community of developers continued building out the network, with increasing support from Telegram. Recent adoption boosts include a dedicated TON wallet in Telegram, exclusive TON payments for channel owners, and TON ad revenue sharing.
Upcoming Token Launch
The network is also anticipating the launch of the NOT token by the popular Telegram game Notcoin on April 20, coinciding with Bitcoin‘s next halving event. The heightened interest exemplifies TON’s momentum and potential for additional growth.
Conclusion
With ever-growing utility and integration with Telegram, TON seems poised to challenge the cryptocurrency establishment. Its impressive price performance suggests an optimistic future for the upstart network as it climbs the ranks to mainstream prominence.
