According to U.Today, Toncoin (TON) has overtaken Dogecoin (DOGE) to become the eighth largest cryptocurrency by market capitalization. This development comes as most assets are resuming their recovery following a significant market downturn over the weekend. Toncoin's rally has notably outperformed that of Dogecoin.
At the time of the report, Toncoin had risen by 16.1% in the past 24 hours to $7.10. This increase extended its weekly gains to 28.3%, compared to DOGE's 19.1% decline over the same period. This performance has allowed TON to surpass the meme coin and others in terms of market capitalization. Toncoin's market value stands at $24,497,306,751, exceeding Dogecoin’s $24,015,338,443. However, it remains uncertain whether TON's surpassing of DOGE will be a lasting change.
Toncoin has experienced a significant growth since the beginning of the year, with a year-to-date (YTD) increase of 205.7%, significantly outpacing Bitcoin's (BTC) growth of 57.13%. Toncoin also has ambitious plans that could potentially see it surpass XRP in the long term. This ambition follows the coin's recent displacement of Cardano (ADA) to enter the top 10 most capitalized cryptocurrencies earlier this month.
Several factors are contributing to Toncoin's rapid rise. Its unique technology allows it to scale decentralized applications built on it, and its close association with Telegram is also a significant factor in its growth. The Toncoin ecosystem boasts a community of ambitious users who are driving and promoting innovations on the network.
