Toncoin TON Price Surge: Overtakes Cardano & Enters Top 10 Cryptocurrencies

Toncoin (TON), the native token of The Open Network, has taken the cryptocurrency market by storm, catapulting into the top 10 digital assets by market capitalization. The surge in TON’s value has been nothing short of remarkable, with the token overtaking Cardano (ADA) to secure the ninth spot on the list of most valuable cryptocurrencies.

TLDR

• Toncoin (TON) has surged in value, becoming the ninth-largest cryptocurrency by market capitalization, overtaking Cardano (ADA).
• TON’s price has risen over 130% in the past month, outperforming other major cryptocurrencies like Dogecoin (DOGE).
• The TON Society is partnering with AI company HumanCode to launch an identity verification system using palm scanning technology, offering 1 million TON tokens as incentives for users to verify their identity.
• Telegram has recently integrated Toncoin payments for its advertising initiative and transitioned from Euro to the TON network for ad service payments.
• TON’s market capitalization has surpassed notable blockchain networks such as Cardano, Avalanche, and Dogecoin, while the number of active TON blockchain wallets has skyrocketed to 1.65 million in the past month.

TON’s meteoric rise can be attributed to several recent developments within the network. The TON Society, a community contributing to the TON blockchain, announced a partnership with AI company HumanCode to launch an identity verification system using palm scanning technology.

The group is offering 1 million TON tokens, worth approximately $7 million, as incentives for users to verify their identity using this privacy-centric solution.

This development coincides with Telegram’s integration of Toncoin payments for its novel advertising initiative. The messaging application now allows users to purchase ads using Toncoin and offers revenue sharing with public channel creators boasting over 1,000 subscribers.

Telegram has transitioned from Euro to the TON network to facilitate ad service payments, further solidifying the relationship between the two platforms.

TON’s price has surged by over 22% in the past 24 hours alone, reaching a record high of nearly $7. This upward trend has been consistent, with gains exceeding 30% over the past week and 130% over the past month.

The token’s performance has outpaced other major cryptocurrencies, such as Dogecoin (DOGE), which has gained 14.8% in the past month.

TON Price at Coingecko

The exponential growth in TON’s value has propelled its market capitalization to over $23 billion, surpassing notable blockchain networks like Cardano, Avalanche, and Dogecoin.

Simultaneously, the TON blockchain ecosystem has experienced a significant surge in network activity, with the number of active wallets skyrocketing to 1.65 million during the past month.

This increased activity has spurred various blockchain metrics, with daily transactions surpassing 4 million in the last day.

While TON’s future looks promising, some concerns have been raised regarding its token distribution. According to CoinCarp data, over 60% of Toncoin is held by the 10 largest holders, while 93% of the supply is held by the 100 richest holders. This concentration of wealth may raise eyebrows among retail investors.

Despite these concerns, Toncoin’s utility within the Telegram messaging app and its growing ecosystem suggest that the token’s value may continue to appreciate as user adoption increases.

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