Toncoin (TON) Joins Top 10 Cryptocurrencies with $20.8B Market Cap

Toncoin (TON), one of the popular cryptocurrencies in the market today, has achieved a significant milestone by entering the top 10 digital asset list. The token is currently ranked as the ninth leading digital asset in the world, with a market capitalization of over $20 billion.

According to CoinMarketCap data, sitting at the top of the list is Bitcoin (BTC), which is closely followed by Ethereum (ETH). Together, these two crypto assets hold a combined market cap of $1.638 trillion, with BTC contributing the majority at $1.26 trillion.

Toncoin (TON) Overtakes ADA

Among the top 10 cryptocurrencies, TON emerged as the only fresh face on the scene. The list is predominantly occupied by veteran players in the industry, following Bitcoin and Ethereum.

Tether’s stablecoin USDT claimed the third position, outpacing Binance Coin (BNB), Solana (SOL), and even Dogecoin (DOGE), which is currently seated as the eighth largest digital asset in the world.

Despite its newcomer status, Telegram’s TON has overtaken Cardano (ADA) in the top 10 list. ADA is currently the last digital asset on the roster, boasting a market cap of $16.626 billion.

TON has been drawing significant attention recently, experiencing notable growth since the beginning of 2024. By April 1, the token had surged by an impressive 138% year-to-date, reaching a record high of $5.69.

Since then, the digital asset has not slowed, with its current value hovering around $6.02. The figure marks a 4.64% increase since the previous day.

Potential for Mass Adoption

The growth could be attributed to many factors, including Pantera Capital’s recent investment. The company, which boasts more than $5 billion in assets under management, invested an undisclosed amount of funds to support the ecosystem’s growth.

The American hedge fund and venture capital firm sees promise in TON to drive widespread crypto adoption, leveraging Telegram’s massive user base of over 900 million monthly active users and channels amassing over 1 trillion views monthly.

The Open Network, serving as TON’s native blockchain, also received $8 million in investment from Mirana Ventures through the sale of TON, aligning with the network’s goal of fostering partnership within the Web3 ecosystem.

In April, the protocol also secured substantial backing from Tether. Tether integrated its USDT and gold-backed stablecoin XAUT into the protocol.

The integration allows Telegram users to transact and pay for services using USDT stablecoin via the TON network.

Telegram’s February announcement also helped propel interest in the network. The company’s plan to share advertising revenue with channel owners and reward users with Toncoin has drawn attention to the platform’s potential.

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