Toncoin (TON) Overtakes Cardano (ADA) to Claim 9th Spot in Market Cap

• TON surpassed ADAs $22 billion market size, reaching $23 billion.

• In the last month, the price of TON has increased by more than 134%.

On April 9, Toncoin (TON) overtook Cardano‘s ADA token in market valuation, moving up to the position of ninth biggest cryptocurrency as per data from CoinMarketCap. TON surpassed ADA’s $22 billion market size, reaching $23 billion, amidst a strong ongoing rally..

The surge takes place only one day after the creators of TON Society allotted $5 million worth of Toncoin to encourage users to employ palm-scanning technology to authenticate their identification. Over the course of the next five years, the projects goal is to deliver one million TON to users who participate in the proof-of-personhood program, allowing them to verify their digital identities on Telegram.

Substantial Performance

Its performance surpassed that of ADA because of the rising interest in TON. In the last month, the price of TON has increased by more than 134%, whereas the price of ADA has decreased by 14%. When looking at the big picture, we can see that ADA‘s price dropped 1.30% year-to-date, whereas TON’s price rose 182%.

Token mining and user incentives received $38 million, airdrops received $22 million, the League developer ecosystem received $15 million, and liquidity pool boosts received $40 million as part of TON‘s $115 million community incentive program, which was unveiled on March 20. The program’s objective is to increase user adoption.

Unlike Toncoin, ADA failed to attract investors this year due to the spotlight being on Bitcoin ETFs in the U.S and other significant blockchain upgrades like Ethereums Dencun upgrade.

One potential drawback is that retail investors may be wary about Toncoin due to its token distribution. The top 100 wealthiest Toncoin holders own 93% of the total supply, while the top 10 holders own almost 60%, according to statistics from CoinCarp.