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Thecoinrise

04/09/2024

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Toncoin Surpasses Cardano to Become Ninth-Largest Crypto

馃 $SCORP Pre-Sale Is Almost Sold Out: Famous Casino Launches Token with Daily Staking Rewards - 6 Million Raised with 10,000 Participants! 馃殌 Toncoin (TON) achieved a significant milestone on April 9 by...

Toncoin Surpasses Cardano to Become Ninth-Largest Crypto

聽馃 $SCORP Pre-Sale Is Almost Sold Out: Famous Casino Launches Token with Daily Staking Rewards - 6 Million Raised with 10,000 Participants! 馃殌

Toncoin (TON) achieved a significant milestone on April 9 by surpassing Cardano鈥檚 ADA token to become the ninth-largest cryptocurrency by market capitalization.聽

Following a remarkable 13% surge in its daily price, TON reached $6.65, leading to a market capitalization of $23 billion, overtaking ADA鈥檚 market cap of $22 billion, according to CoinMarketCap data.

Toncoin Price Rally

The rally in TON鈥檚 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.聽

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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.

TON鈥檚 recent surge in interest has allowed it to outperform Cardano鈥檚 ADA significantly. Over the past month, TON鈥檚 price has soared by over 135%, whereas ADA鈥檚 price has experienced a decline of 15%.聽

Furthermore, TON鈥檚 year-to-date (YTD) performance has been impressive, with a price increase of 183%, compared to ADA鈥檚 YTD decrease of 1.30%.

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Toncoin Debuted $115M Incentive Program

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鈥檚 recent success, Cardano鈥檚 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鈥檚 Dencun upgrade.

Maintaining Momentum and Potential Concerns

Toncoin鈥檚 remarkable price performance 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鈥檚 price has surged by 177%, compared to DOGE鈥檚 increase of 108%. Unlike DOGE, which often experiences price fluctuations driven by speculation, TON鈥檚 utility within the Telegram messaging app could directly contribute to its price appreciation as user adoption grows.

However, Toncoin鈥檚 token distribution may raise concerns among retail investors. Data from CoinCarp indicates that over 60% of Toncoin is held by the top 10 largest holders, with the top 100 holders possessing 93% of the token鈥檚 total supply.聽

Such a concentration of ownership could potentially lead to market manipulation and volatility, posing risks for retail investors.

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ORIGINAL SOURCE

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