Toncoin’s Surge Puts Meme King DOGE in Its Sights

• Toncoin’s strong price performance continues, even during the current market slump.
• TON is poised to overtake DOGE as the eighth-largest cryptocurrency by market cap.
• On-chain metrics show strong belief in the TON chain.

Toncoin has been on a seemingly unstoppable ascent in recent weeks. The project has added a string of high-profile partnerships, most notably with stablecoin giant Tether , and experienced a positive uptick in its on-chain metrics. 

Despite the wider market slump this week, Toncoin grew 7% over the last 24 hours, moving closer to DOGE’s market cap valuation. This surge has positioned TON to potentially overtake Dogecoin as the eighth-largest cryptocurrency.

Toncoin on a Roll

Toncoin’s market cap has grown a substantial 27% since the start of June, reaching a valuation of $19.7 billion at the time of writing. This remarkable surge has propelled TON into contention to flip Dogecoin for the eighth spot in the cryptocurrency rankings, per CoinMarketCap data . 

Toncoin’s market cap over the past week, per CoinMarketCap

Dogecoin’s current market cap stands at $20.6 billion, putting Toncoin just $900 million behind DOGE . 

If everything remained the same, the price of TON would need to increase by $0.37 from its current level (a 4.5% increase) to $8.47 to equal Dogecoin’s market cap valuation. 

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Considering Toncoin’s recent strong run, a 4.5% price increase is quite feasible. Moreover, analysis of Toncoin’s on-chain metrics suggests that its strong price performance is supported by robust on-chain activity, indicating growing adoption and usage.

Solid On-Chain Metrics 

Toncoin’s on-chain metrics support its strong price performance, suggesting growing network adoption and usage. 

According to TonStat data, the TON network saw a sharp increase in the number of accounts, which refers to any type of smart contract, growing 670% from 4.4 million at the start of 2024 to a current 34 million today. This substantial growth in accounts indicates a surge in development activity and the deployment of diverse applications on the TON blockchain.

Monthly active wallets have skyrocketed, up 2,300% from 222k on Jan 1 to 5.4 million at present. Likewise, the total value locked (TVL) on the TON network has grown 1,400% from 4.3 million TON on Jan 1 to 65.6 million TON currently. 

TVL on the TON chain per TonStat

These on-chain metrics demonstrate a rapidly expanding user base with a significant increase in investor belief that TON can compete with Ethereum and Solana.

On the Flipside

• Crypto prices, and therefore market cap valuations, are volatile making rankings highly changeable.
• Toncoin was recently accused of market cap manipulation , leading to a devaluation that took it out of the top 10. TON has since re-captured its prior 9th spot position.
• Despite Toncoin‘s rising status, Binance does not list the TON token yet.

Why This Matters

With Toncoin closing in on Dogecoin, overtaking the king of memecoins would represent a significant coup for this rising project.

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