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<p>The post <a href="https://coinpedia.org/news/telegrams-toncoin-outshines-legacy-networks-and-meme-coins/">Telegram’s Toncoin Outshines Legacy Networks and Meme Coins</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Big changes are happening in the world of layer one (L1) networks, thanks to the rising star of the Telegram-backed Toncoin (TON) blockchain. Toncoin recently knocked Cardano (ADA) out of the top ten digital assets and now, it’s overtaking Dogecoin (DOGE), a favorite of tech tycoon Elon Musk.</p> 
<p>Toncoin’s rise has been impressive. As of Friday, it’s valued at around $32 billion fully diluted, with a market cap of about $22 billion. Dogecoin, on the other hand, lacks support for web3 smart contracts and trails behind at approximately $21.9 billion in value.</p> 
<h2 class="wp-block-heading" id="h-what-has-made-the-toncoin-network-tick">What Has Made the Toncoin Network Tick?</h2> 
<p>With backing from Telegram and its massive user base of over 200 million daily active users (DAU), Toncoin had a head start. Plus, it secured over $1.7 billion in funding from top-notch venture capitalists like DWL Labs, setting it on a path to success.</p> 
<p>Toncoin’s ecosystem is thriving, with about $164 million locked in various projects like the Notcoin (NOT) meme coin. Tether’s recent announcement of integrating its tokens USDT and XAUT into the Toncoin network further solidifies its position.</p> 
<p><strong>Toncoin vs Ethereum?</strong></p> 
<p>Toncoin’s ecosystem is shaping up to rival Ethereum’s, attracting a diverse range of web3 projects and promising fierce competition.</p> 
<h2 class="wp-block-heading" id="h-toncoin-price-analysis"><strong>Toncoin Price Analysis</strong></h2> 
<p>Despite its success, Toncoin’s price has been stuck in a consolidation phase, similar to other altcoins. Analysts foresee potential corrections in the coming months, with support likely at the $5 mark.</p> 
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   <p lang="en" dir="ltr">Tether Tokens (USD₮ and XAU₮) Launch on The Open Network (TON) <a href="https://twitter.com/ton_blockchain?ref_src=twsrc%5Etfw">@ton_blockchain</a><a href="https://t.co/TwYhMeHAZ5">https://t.co/TwYhMeHAZ5</a></p>— Tether (@Tether_to) <a href="https://twitter.com/Tether_to/status/1781295969415376916?ref_src=twsrc%5Etfw">April 19, 2024</a>
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<p>The weekly Relative Strength Index (RSI) hints at challenges ahead, suggesting caution despite the overall market optimism.</p> 
<p>With strong backing and a growing ecosystem, Toncoin is poised to shape the future of decentralized finance (DeFi) and blockchain technology.</p>

Telegram’s Toncoin Outshines Legacy Networks and Meme Coins

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