Toncoin (TON), has previously achieved significant market cap growth, surpassing XRP in the rankings. Now, there’s speculation whether TON can repeat this feat with Dogecoin.
Recently, TON has seen a surge in market capitalization, overtaking assets that have long held top ten positions. The trend suggests that TON is closely approaching Dogecoin’s position in the rankings.
Toncoin Surges, Eyeing Eighth Position in Market Capitalization Ranking
In recent weeks, Toncoin has made significant strides in the market capitalization ranking, securing the ninth position and displacing Cardano, according to CoinMarketCap data.
Recent analysis indicates that Toncoin’s next target is Dogecoin. On April 17, both TON and DOGE surpassed $22 billion in market capitalization.
However, as of the time of writing, TON’s market cap has dipped to around $21.3 billion, while DOGE remains slightly above $22 billion.
The current market dynamics suggest that TON could climb to the eighth spot in the market capitalization ranking if its price increases and DOGE’s price moves in the opposite direction.
Toncoin’s Price Trend vs. Dogecoin’s: Implications for Market Cap Rankings
Analysis reveals that Toncoin faces challenges in catching up with Dogecoin’s market cap ranking due to its current price trend.
On a daily timeframe chart, Toncoin has shown significant downward trends in recent days, despite aligning with the broader market trend. These trends have notably impacted its market cap.
Since the beginning of the week, Toncoin has experienced daily declines exceeding 3%. At the time of writing, it was trading around $6.1, reflecting a decline of over 3%.
Source: TradingView
Further analysis suggests that Toncoin’s support levels are currently around $4.7 and $4.9. Additionally, the recent declines have led to a decrease in its Relative Strength Index (RSI).
However, despite the decline, Toncoin remains in a bull trend, with the RSI trending above the neutral line.
In contrast, Dogecoin has also experienced a downward trend recently, but its decline has been more gradual.
At the time of writing, Dogecoin was trading around $0.1, reflecting a 1.09% decline.
Analysis indicates that Dogecoin has only experienced an over 3% decline once in the last three days, unlike Toncoin’s consecutive declines exceeding 3%.
Source: TradingView
Another distinction in its trend is that Dogecoin is in a bear trend, with its RSI trending below the neutral line, indicating a bearish market sentiment.
Disparity in Daily Trading Volume: Dogecoin vs. Toncoin
Recent analysis of Dogecoin and Toncoin volume highlights a significant gap in daily trading activity.
Data from Santiment shows that Dogecoin’s volume was nearing $1.9 billion at the time of writing, with recent observations indicating a decline.
Source: Santiment
In contrast, Toncoin’s volume was approximately $531 million, resulting in a substantial difference of over $500 million between the two.
Despite this gap, Toncoin’s volume remains relatively high, particularly considering the number of holders.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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