Toncoin overtakes Cardano as the ninth-largest crypto, boosted by a unique identity verification initiative and strong market momentum.
Toncoin, associated with the messaging platform Telegram, has recently outpaced Cardano (ADA), marking its place as the ninth-largest cryptocurrency by market capitalization. As of April 9, with a remarkable daily price surge of 13%, Toncoin’s value reached $6.65, elevating its market cap to $23 billion and surpassing Cardano’s $22 billion, as per CoinMarketCap.
This ascent in Toncoin’s market position follows closely on the heels of an announcement by TON Society developers. They have dedicated $5 million in Toncoin to incentivize users who engage in a novel identity verification process involving palm scanning technology. This initiative, aimed at integrating digital identity verification for Telegram users over a span of five years, promises to allocate one million TON to participants in the identity proofing endeavor.
Toncoin’s price trajectory has shown impressive gains, with a 135% increase over the past month, starkly contrasting with Cardano’s 15% decline. Year-to-date, TON has surged by 183%, while Cardano has seen a slight decrease of 1.30%. This performance comes from a $115 million community incentive program launched by TON on March 20, aiming to boost user adoption through token mining, airdrops, developer ecosystem support, and liquidity pool enhancements.
On the other side, Cardano has experienced subdued interest this year, overshadowed by the buzz around Bitcoin ETFs and significant blockchain updates like Ethereum’s Dencun upgrade.
Can Toncoin Surpass Dogecoin?
Looking ahead, Toncoin’s market performance has significantly overshadowed that of Dogecoin. With a 130% rise in the past month compared to Dogecoin’s 14.8% and a year-to-date increase of 177% against Dogecoin’s 108%, Toncoin demonstrates strong momentum. Unlike Dogecoin, which relies heavily on speculative demand, Toncoin’s utility within the Telegram app presents a direct pathway to value appreciation as user adoption grows.
However, potential investors should tread cautiously regarding Toncoin’s token distribution. Lastly, data from CoinCarp reveals that over 60% of Toncoin is held by the top ten holders, and 93% by the top 100, posing questions about market concentration and retail investor appeal.