Toncoin Poised to Overtake Dogecoin for 8th Spot
- Toncoin's market cap is $13.98B, closely trailing Dogecoin's $14.44B, positioning it to potentially overtake Dogecoin soon.
- Dogecoin has faced significant volatility, gaining 17% in 24 hours but showing overall bearish momentum with reduced network activity.
- Integrated with Telegram and featuring innovative projects like Notcoin, Toncoin's technological platform drives its growth.
Dogecoin at Risk: Toncoin Eyes the 8th Position
Toncoin Can Flip Dogecoin Anytime to Take 8th spot in Top 10 Cryptocurrencies. Toncoin has been on the rise in the crypto market and is now a threat to Dogecoin (DOGE). As of the time of writing, Toncoin had a market capitalization of $13.98 Billion and is now almost on par with the market capitalization of Dogecoin which is $14.44 Billion. The difference of only $496.58 million left.
TON's high growth is due to the technological platform on which Toncoin is based, its integration with Telegram’s millions of users, and the success of its projects, such as Notcoin and Hamster Kombat. Based on its current growth rate, Toncoin can overtake Dogecoin and become one of the top 10 cryptocurrencies.
Dogecoin VS Toncoin Performance
Dogecoin (DOGE) has faced significant volatility, reflecting broader crypto market instability. Currently priced at $0.09995, it has gained 17% in the last 24 hours after a massive drop over the past week. With a circulating supply of 150 billion DOGE, its market cap is about $14.55 Billion.
The price trend is below the middle Bollinger Band, indicating bearish momentum and increased volatility. The RSI is at 30, near the oversold threshold, suggesting potential short-term reversal or consolidation, but should not be the sole buying indicator.
Active addresses have sharply declined to around 47.3K from over 345K, and transaction counts, though sporadically spiking, are generally decreasing, currently at 204K. This indicates reduced network activity and user engagement with DOGE.
Toncoin (TON) has recently faced a substantial decline, losing over 22% of its value. Despite this, it remains the eighth-largest cryptocurrency by market capitalization.
The overall downturn in the crypto markets has contributed to Toncoin's significant volatility. Currently, TON is priced at $5.56, reflecting an 11.79% increase in the last 24 hours but a 15.96% drop over the past week, highlighting its unstable performance.
Future of Toncoin and Dogecoin
Toncoin, therefore, has a bright future as it is integrated into Telegram and the creation of dApps on the Ton platform. Experts believe that Toncoin may soar even higher and could be valued at $25 in the future, by 2030. It has a consensus mechanism that is different from others and it is also scalable which makes it ideal for the long-term.
Dogecoin is less predictable, primarily because its development is dependent on the community and social media trends. It may not possess the same level of technological innovation as Toncoin; however, it has a large and active community and is well-known. Nonetheless, if there is no improvement in the technological aspect, DOGE might lag behind other enhanced cryptocurrencies.
Conclusion
Dogecoin has been occupying one of the leading position for a long time, Toncoin’s growth rate and technological advantage can be considered as a potential threat for Dogecoin in the near future. Each crypto has its advantages and disadvantages, and their further evolution will depend on the market conditions, new technologies, and users’ interests. Looking into the future, it will be quite fascinating to watch how Dogecoin and Toncoin will grow and develop in this highly competitive market.
