On April 9th, TON’s price soared to new all-time highs, overtaking ADA in market capitalization. The growth of TON’s ecosystem and speculation surrounding an IPO have propelled Toncoin forward. Meanwhile, ADA has faced challenges amid negative commentary.
Recently, Toncoin (TON), linked to Telegram, experienced significant value surges, reaching new record highs on April 9th. This surge propelled TON to surpass Cardano (ADA) and secure the 9th position in terms of market capitalization.
TON Surges Over 150% as Cardano Faces Bearish Trends
Within the last month, Toncoin (TON) has experienced an impressive surge of over 150%, reaching levels surpassing $7 on April 9th. In contrast, Cardano has encountered difficulties, witnessing a decrease of over 20% during the same period.
TON & ADA Monthly Charts on Coinmarketcap
Speculation regarding an Initial Public Offering (IPO) by Pavel Durov, the founder of Telegram, has likely contributed to the positive momentum. Durov mentioned to the Financial Times that Telegram is nearing profitability, with its user base reaching 900 million. He noted that astute investors have valued the Dubai-based social app at over $30 billion.
Despite the IPO contemplation, Durov clarified that there’s currently no decision to sell Telegram. However, he hinted at a potential future IPO for the messaging platform.
TON Prices Surge Due to Adoption and Network Expansion
Recent increases in TON prices can be attributed to both adoption and network expansion. One notable contributor is the integration of the Notcoin game into the TON network, which has led to increased user engagement. Notcoin, a play-to-earn (P2E) game accessible through Telegram, enables users to create NOT tokens.
Additionally, the launch of Ton Fish, a unique social meme token within the Toncoin network, on Bitget has made a significant impact. Ton Fish represents a pioneering move, being the first non-foundation social meme token of its kind.
🥳[Initial Listing] Bitget Will List TON FISH MEMECOIN (FISH). Come and grab a share of 178,571,428,571 FISH!😍
✍️We are thrilled to announce that TON FISH MEMECOIN (FISH) will be listed in the Innovation and Meme Zone. Spot Grid Trading will go live within 24 hours after the… pic.twitter.com/le87VKZey4
— Bitget Philippines 🇵🇭 (@BitgetPH) March 25, 2024
Cardano Struggles Amid Criticism
Cardano has faced challenges in recent times, with its performance over the past month being notably lackluster. Negative commentary has contributed to its underperformance, with the altcoin failing to achieve significant upswings in 2024.
American entrepreneur Arthur Hayes raised doubts about Cardano’s capability to deliver high-quality decentralized applications (dApps), adding to the skepticism surrounding the project’s potential. Additionally, Gemini, a prominent cryptocurrency exchange, advised crypto buyers to steer clear of ADA, further dampening sentiment towards the altcoin.
For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is dog shit. @IOHK_Charles pls educate me.
Yachtzee 😚😚😚😚😘😚😘 pic.twitter.com/riQORI6Ipy
— Arthur Hayes (@CryptoHayes) February 21, 2024
TON prices reached their all-time highs due to recent strategic ecosystem advancements, increased investor interest, and careful integrations. Additionally, the project’s commitment to expanding its network signals further adoption and ongoing growth for Toncoin.
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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