Telegram’s Toncoin Outshines Legacy Networks and Meme Coins

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Big changes are happening in the world of layer one (L1) networks, thanks to the rising star of the Telegram-backed Toncoin (TON) blockchain. Toncoin recently knocked Cardano (ADA) out of the top ten digital assets and now, it’s overtaking Dogecoin (DOGE), a favorite of tech tycoon Elon Musk.

Toncoin’s rise has been impressive. As of Friday, it’s valued at around $32 billion fully diluted, with a market cap of about $22 billion. Dogecoin, on the other hand, lacks support for web3 smart contracts and trails behind at approximately $21.9 billion in value.

What Has Made the Toncoin Network Tick?

With backing from Telegram and its massive user base of over 200 million daily active users (DAU), Toncoin had a head start. Plus, it secured over $1.7 billion in funding from top-notch venture capitalists like DWL Labs, setting it on a path to success.

Toncoin’s ecosystem is thriving, with about $164 million locked in various projects like the Notcoin (NOT) meme coin. Tether’s recent announcement of integrating its tokens USDT and XAUT into the Toncoin network further solidifies its position.

Toncoin vs Ethereum?

Toncoin’s ecosystem is shaping up to rival Ethereum’s, attracting a diverse range of web3 projects and promising fierce competition.

Toncoin Price Analysis

Despite its success, Toncoin’s price has been stuck in a consolidation phase, similar to other altcoins. Analysts foresee potential corrections in the coming months, with support likely at the $5 mark.

Tether Tokens (USD₮ and XAU₮) Launch on The Open Network (TON) @ton_blockchainhttps://t.co/TwYhMeHAZ5

— Tether (@Tether_to) April 19, 2024

The weekly Relative Strength Index (RSI) hints at challenges ahead, suggesting caution despite the overall market optimism.

With strong backing and a growing ecosystem, Toncoin is poised to shape the future of decentralized finance (DeFi) and blockchain technology.