Can It Overtake Dogecoin Next?

• Toncoin has been gaining steadily since the turn of the year, and after a 33% gain in the past week, it has flipped Cardano’s ADA which shed 1.45% in that time, to become the ninth-largest crypto.
• Dogecoin is next for TON, and with the Telegram-linked coin outperforming the meme coin since the year began, DOGE may not hold its position on the charts for long.

Toncoin has been having a great year, establishing itself as one of the most important crypto projects in the space. Its formidable price run since the year began has seen it flip several big-name cryptos, and the latest to fall is Cardano’s ADA.

TON trades at $6.72 at press time, and while it has lost 1.37% in the past day, it’s up 32.9% in the past week, pushing its positive run further.

At $23.32 billion, TON sits comfortably as the ninth-largest crypto in the market, ranking ahead of Cardano’s ADA whose market cap stands at $20.48 billion, shedding 6.65% in the past day and 21% in the past month.

ADA hasn’t had its best start to the year despite most cryptos surging in the ongoing bull rally, including Bitcoin’s record-setting run in March. The token started the year at $0.5942, 3.7% higher than its current price.

In contrast, most cryptos have surged this year. Bitcoin is up 61.8% since the year began, with Ethereum and Solana gaining 53% and 63% respectively. In fact, ADA and XRP are the only two cryptos in the top 15 non-stablecoin tokens that have recorded dips this year—XRP is down 0.82%.

Toncoin has gained 187% since the year turned, the highest gain in the top 35 cryptocurrencies, pushing it into the top ten.

Toncoin (TON) Surges On—Is Dogecoin Flippening Next?

Toncoin’s ascension is closely tied to the rapid growth of The Open Network (TON) this year. The network now boasts over 12.7 million accounts, twice the number compared to the start of March. The transactions have also been on the rise, averaging 3.3 million this week, while the on-chain activated wallets crossed the three million mark, which, again, is twice the number at the start of March.

Toncoin’s ecosystem is also playing its part in advancing the network. As Crypto News Flash reported recently, TON Society unveiled a $5.5 million initiative to users who prove their identities using the proof-of-human solution offered by HumanCode.  TON Society is targeting the 1.8 billion Telegram users with a secure and scalable digital identity solution, with a stated goal of hitting 500 million users over the next five years.

This and other development initiatives have spurred TON on, and after flipping Cardano, its sights are now set on DOGE, the king of meme coins. At press time, Dogecoin’s market cap stands at $26.24 billion, less than $3 billion ahead of Toncoin.

While Dogecoin has been one of the big gainers over the past six months, its momentum has slowed down and has been unable to match TON. In the past 30 days, TON gained 132% while DOGE gained a mere 3.58%.