tl;dr
The market cap of Telegram Coin (TON) has dropped to $13.47 billion, resulting in a $4 billion decline over the past three days, while Tron (TRX) has surpassed TON in market cap value. TON's position in the top 10 cryptocurrencies is now at risk, potentially leading to further decline in rankings. T...
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Telegram Coin Toncoin (TON) has lost its market cap position to Tron (TRX) following a recent price correction and the ongoing detention of Pavel Durov. Before Sunday’s events, TON had a market cap of $17.20 billion, while Tron’s market cap was over $14 billion after surpassing Cardano. However, with TON’s market cap declining, its position in the top 10 cryptocurrencies is now at risk, potentially leading to a further slide in the rankings.
The flagship Telegram coin drops behind Tron Toncoin’s market cap has dropped to $13.47 billion, reflecting a staggering $4 billion decline over the past three days. Market cap is calculated by multiplying the circulating supply by the asset’s price, so TON’s price drop has directly contributed to this decline. In contrast, Tron (TRX) is in a more favorable position. While TON’s price has decreased by 18% over the last 30 days, TRX’s value has increased by the same percentage. This rise in TRX’s price is largely attributed to the launch of SunPump, a meme coin token generator introduced by the blockchain’s founder, Justin Sun.
It’s not as though Toncoin hasn’t had positive developments. Before the recent hype around Tron, the launch of numerous bot coins on Telegram — a messaging app closely tied to TON blockchain — brought significant attention to the cryptocurrency. However, the ongoing sell-offs and Pavel Durov’s unresolved situation suggest that Toncoin’s price and market cap could drop further. Additionally, Toncoin’s Large Holders Inflow has decreased by 95% over the last seven days, indicating further downside risk.
TON's price prediction: TON's price remains under considerable pressure and is likely to face another breakdown. The Relative Strength Index (RSI) for TON has decreased, indicating bearish momentum and the potential for further price declines. The cryptocurrency might find it challenging to achieve higher highs and could face a further price decrease or loss of the number 10 market spot to Cardano (ADA).
If market prices continue to fall, TON’s price could drop below $5, possibly declining to $4.85. However, a rebound might occur if the blockchain resumes block production, which has been experiencing an outage, potentially pushing the price toward $5.67.
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