Toncoin surpasses Cardano amid IPO rumors

Toncoin, or TON, has surpassed Cardano’s ADA regarding market capitalization. There are several factors that have acted as catalysts in this endeavor – IPO speculation, adoption, and network expansion, to mention a few. On the other hand, Cardano has suffered heavily from the constant negative commentary. This has gone to the extent that analysts have questioned its ecosystem on the capability of ever being able to come up with an effective dApp, that is, a decentralized application.

TON achieved its ATH on April 09, 2024. The token increased 150% in the last 30 days to reach the 9th spot on the list with Market Cap. The surge in the previous 30 days has increased by 133.15% when writing this article. TON was closer to $7 and has sustained that momentum. It is currently listed at $6.68, with a drop of 3.375 in the last 24 hours.

ADA, meanwhile, has shed 20.22% in the last 30 days to date and was seen losing the same margin as on April 09, 2024. It is now exchanging hands at $0.5871. The trajectory for TON is rather more optimistic, driven majorly by its scope since IPO rumors started making rounds in the market.

There are no plans to sell Telegram, but it could soon be rolled out for an IPO. Pavel Durov, the founder of Telegram, took this opportunity to highlight that they have reached 900 million in user base, and investors are now valuing the platform at approximately $30 billion. The decision to not sell the messaging platform was clarified when iterated with the press.

Ecosystem growth is further delivering the surge in TON’s valuation. For instance, the Notcoin game has been added to the TON Network, allowing more users to play the game and mint NOT tokens. A strong ecosystem has boosted the presence of the P2E gameplay, which is based on Telegram.

Another significant move that has potentially triggered the rise is the launch of Ton Fish on Bitget. The meme token’s launch was confirmed by Bitget, informing the members of its native ecosystem about the possibility of grabbing a fair share of the token pool.

ADA continues to be surrounded by negative commentary. Two notable comments drive users away – one from Arthur Hayes and a second from Gemini.

Arthur has questioned Cardano’s ability to produce an effective dApp, and Gemini has cautioned users from owning the token and seeking to avoid ADA.

TON is likely to ride along the bull run as ADA struggles to escape the bear run. ADA has not made any significant move recently, draining the efforts of those who see scope in holding Cardano’s ADA. Upon becoming true, IPO speculation will take it way above ADA in token value and Market Cap.