Toncoin Becomes 10th Largest Cryptocurrency by Market Cap
Toncoin (TON), the native cryptocurrency of The Open Network, has emerged as the 10th biggest digital asset by market cap. It briefly surpassed Dogecoin to become the ninth largest cryptocurrency by that metric. This surge in popularity can be attributed to the recent launch of a self-custodial digital wallet on Telegram, which has seen TON’s value increase by over 31% in the past seven days. This makes it the best-performing asset among the top 100 cryptocurrencies during that period.
The Rise of TON
Currently trading at $2.45, TON operates on a proof-of-stake blockchain and was initially launched by Telegram in 2018. However, due to an SEC lawsuit, Telegram abandoned the project, leading to its takeover by the TON Foundation. The Open Network offers various features such as TON Storage, TON Proxy (a decentralized VPN service), and the TON naming system. Users can pay for these products using the TON token while enjoying commission-free crypto transfers to other Telegram users.
Market Performance Overview
Although the crypto market has been relatively stagnant in the past 24 hours, most cryptocurrencies have experienced gains over the past week. Bitcoin, with a market cap of $27,204 per coin, has risen by nearly 4% in seven days. Ethereum, the second largest cryptocurrency, is currently priced at $1,629, showing a slight decrease of 1.2% in 24 hours but an overall increase of 1.3% over the past week. Dogecoin has seen a 1% decline in the last 24 hours but remains up by 1.8% in the past week.
Hot Take: TON’s Meteoric Rise in the Cryptocurrency Rankings
Toncoin’s ascent to become the 10th largest cryptocurrency by market cap is a testament to its recent surge in popularity. The launch of a self-custodial digital wallet on Telegram has undoubtedly played a significant role in driving up its value. With its impressive performance, TON has outperformed other top cryptocurrencies in the past seven days. As the crypto market continues to evolve, it will be interesting to see if TON can maintain its position among the top digital assets.
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