Blockchain
Telegram-linked Toncoin flips Cardano to become 9th-largest cryptocurrency
After pushing out Cardano’s ADA, TON became the ninth-largest cryptocurrency by market cap. Can it maintain momentum to surpass Dogecoin next?
Toncoin (TON) flipped Cardano’s ADA token to become the ninth-largest cryptocurrency by market capitalization on April 9. Can Toncoin continue its parabolic rise?
TON becomes the ninth-largest cryptocurrency
Following a 13% daily price increase, TON rose to $6.65 as of 1:45 pm UTC to reach a $23 billion market capitalization, overtaking the ADA’s $22 billion market cap, according to CoinMarketCap data.
The rally comes a day after TON Society developers set aside $5 million in Toncoin to incentivize users to verify their identity using palm-scanning technology. The project aims to enable digital identity verification for Telegram users over the next five years and will distribute 1 million TON to users participating in the proof-of-personhood program.
The increased interest in TON helped it outperform ADA. TON’s price has surged over 135% during the past month, while ADA’s price has fallen 15%.
TON launched a $115 million community incentive program on March 20, with $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The program aims to drive more user adoption.
In contrast with Toncoin, ADA saw little interest this year, as investor attention was focused on the United States Bitcoin exchange-traded funds (ETFs) and other major blockchain upgrades, such as Ethereum’s Dencun upgrade.
Can TON maintain its momentum?
Toncoin’s price action has been drastically outperforming Dogecoin. TON rose 130% during the past month, while DOGE only gained 14.8%. Year-to-date, TON is up 177%, while DOGE is up 108%, according to TradingView.
While Dogecoin’s price action is purely based on speculation-driven demand, Toncoin’s utility within the Telegram messaging app can lead directly to its price appreciation with increasing user uptake.
On the downside, Toncoin’s token distribution could raise concerns among retail investors. According to CoinCarp data, over 60% of Toncoin is held by the 10 largest holders, while 93% of the supply is held by the 100 richest holders.
Source: cointelegraph.com
The post Telegram-linked Toncoin flips Cardano to become 9th-largest cryptocurrency appeared first on HIPTHER Alerts.
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MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase
MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.
MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.
MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.
Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.
Source: crypto.news
The post MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase appeared first on HIPTHER Alerts.
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