The coin powering The Open Network, Toncoin ($TON), could soon overtake both its direct competitor, Avalanche ($AVAX), and the second biggest meme coin by market cap, Shiba Inu ($SHIB), according to the latest figures.
Toncoin has barely moved at all in the last 24 hours, and still trades for around $5.42. The same can be said for its performance over the week, which has only added 1.2% to its price.
However, Toncoin now commands a market cap of $13.801 billion, which puts it within spitting distance of overtaking the $13.804 billion Avalanche. Currently, Shiba Inu commands a market cap of a little over $14 billion.
However, both Avalanche and Shiba Inu are falling today. The former has dropped 3% in the last 24 hours to trade at $33.82, which still represents a 7-day increase of 2.8%.
On the other hand, Shiba Inu’s outlook looks more precarious. $SHIB is down 2.8% on the day and 6.8% on the week to trade at $0.00002389 as of this writing.
Can Toncoin ($TON) overtake Shiba Inu?
The Open Network (TON) was originally a Telegram project but it spun out in 2020 after the US SEC declared that Telegram’s sale of Toncoin (then called Gram) constituted a breach of federal securities laws.
Still, The Open Network and Telegram have maintained a close affiliation and Toncoin is deeply integrated with the Telegram messaging app.
TON’s new name reflects its global, independent and open ethos. It also claims to be the fastest blockchain ever tested.
According to its performance over the last three months, Toncoin has faced some resistance between $5.60 and $5.80. At its current price, it’s looking to challenge that and could climb up to the $6 mark within the week.
Source: TradingView$TON’s relative strength index (RSI) is 62 and it is rising sharply, which means buying momentum has picked up again and it could reach 70 by the end of the day. When that happens, this would signal an overbought asset, which would then trigger a sell-off that should consolidate Toncoin’s current level as a new support level.
This will ultimately put it in position to potentially overtake Shiba Inu before December, should the latter continue to fall. However, it’s likely to be a tight race.
Diversify Toncoin Holdings With Meme Coin Staking Protocol, Crypto All-Stars
TON is a pretty well-known layer 1 network with a rapidly growing community, making Toncoin’s $TON one of the best long bets in crypto. However, its price movements often track Bitcoin’s.
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The post Can Toncoin Overtake Shiba Inu? $TON Price Spikes, Market Cap Just Millions Away from $SHIB appeared first on Cryptonews.
