TRON's market cap gains could push Toncoin out of top 10

Vivian Nguyen

Aug. 28, 2024

Data suggests large investors are wary of TON, with a decrease in Large Holders Inflow for the coin.

TRON's market cap gains could push Toncoin out of top 10

Key Takeaways

Toncoin's market cap has decreased by $4 billion in three days.
TRON's market cap previously surpassed Cardano following a price increase.

Toncoin (TON) is at risk of dropping out of the top 10 crypto assets amid the growth of TRON (TRX). According to data from CoinMarketCap, TON’s market cap has fallen below $13 billion over the past three days, while TRON’s has grown to over $14 billion.

TON has lost its market cap position to TRON due to a recent price correction following the arrest of Pavel Durov, the co-founder and CEO of Telegram. The price of Toncoin has decreased by 18% in the last 30 days, hitting a low of $5.11 on Tuesday after a network outage which added bearish momentum to its price action.

TRON’s price, in contrast, has surged by 16% over the same period, partly due to the introduction of SunPump, a new meme coin token generator by Tron’s founder, Justin Sun.

Tron’s newly launched SunPump has quickly gained traction, surpassing Solana’s established platform, Pump.fun, in daily revenue. As reported by Crypto Briefing, SunPump generated $567,000 from 7,531 launched memecoins last Wednesday, outpacing Pump.fun’s $368,000 from 6,941 tokens.

Data from IntoTheBlock also shows a decrease in Large Holders Inflow for Toncoin, which tracks wallets holding over 1% of the circulating supply. That suggests a cautious stance from major investors, potentially indicating further declines.

As of August 28, Toncoin ranks 10th with a market cap of $13.5 billion, closely followed by Cardano at around $13 billion. Previously, TRON surpassed Cardano in market cap, knocking it out of the top 10.

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