- The initiative targets the implementation of digital identity verification for Telegram users over five years.
- Participants in the verification process are set to receive a total of 1 million TON as an incentive.
As of April 9, Toncoin (TON) has exceeded the market capitalization of Cardano’s ADA, claiming the ninth position in the cryptocurrency market rankings. This event prompts speculation on whether Toncoin can maintain its rapid growth and potentially outperform Dogecoin going forward.
As recorded at 1:45 pm UTC, TON’s value increased by 13% to reach $6.65, bringing its market capitalization to $23 billion. This advancement places it ahead of ADA’s market capitalization of $22 billion, according to data from CoinMarketCap.
Following an announcement by the developers of TON Society to dedicate $5 million in Toncoin for enhancing user identity verification with palm-scanning technology, TON’s value saw a notable rise. This initiative seeks to implement digital identity verification for Telegram users within the next five years, rewarding participants with 1 million TON.
Over the past month, TON experienced a price surge of more than 135%, while ADA saw a decrease of 15%. In a year-to-date comparison, TON’s value has risen by 183%, whereas ADA experienced a slight drop of 1.30%.
The launch of TON’s $115 million community incentive program on March 20 is aimed at increasing user engagement. Meanwhile, ADA has seen limited interest this year, overshadowed by the focus on Bitcoin ETFs in the United States and significant updates to other blockchain networks like Ethereum’s.
Toncoin’s market performance significantly exceeds that of Dogecoin (DOGE), with TON’s value increasing by 130% over the past month compared to DOGE’s 14.8% gain. Year-to-date, TON has appreciated by 177%, outperforming DOGE’s 108% increase.
Related: Toncoin (TON) Rises 2.78% on Sunday: Exploring Potential Trading Opportunities
Toncoin’s practical use within the Telegram app might contribute to its value appreciation as user adoption increases. Nevertheless, the concentration of Toncoin ownership, with more than 60% held by the top 10 owners and 93% by the top 100, might raise concerns among individual investors.
