Cardano Drops Out of Top 10 by Market Cap Again as Toncoin Rises

After dropping 4.7% over the last seven days, Cardano has fallen out of the top 10 tokens by market capitalization, according to CoinGecko data.

At the same time of this Cardano (ADA) drawback, Toncoin (TON) climbed 3.2% over a seven day period making it into the top 10. This isn’t the first time this exact swap has happened, in April Toncoin flipped Cardano after TON jumped 12% in a day.

ADA is trading at $0.46 after having gained 0.6% in the past day. Meanwhile, while TON is at $6.47 and has climbed 1.2% since yesterday, according to CoinGecko data.

Toncoin (TON), the token of The Open Network, is now the 10th most valuable cryptocurrency in the world, according to CoinGecko, with a market cap of over $22 billion. One of The Open Network’s most successful projects, Notcoin recently launched its NOT token alongside bringing in $1 billion in trading volume and recently hit a $1 billion market cap.

Meanwhile Cardano’s market cap of $16 billion places it as the 11th most valuable cryptocurrency,  with meme coin Shiba Inu within touching distance, less than $100 million away.

This comes amid meme coins riding high, with dog coins leading the pack. Solana-based Dogwifhat (WIF) led the charge yesterday jumping 11% to $3.68. But over the past 24 hours, Shiba Inu has leaped 4.8% to $0.000027 sniffing the rear of Cardano.

Created in 2015 by a team led by Charles Hoksinson after he co-founded Ethereum, Cardano takes itself more seriously than projects its long time competitor Solana. Cardano influencer, Chris O, took to Twitter to slam Solana’s acceptance of meme coins calling it a “web3 casino” while praising Cardano’s approach claiming it “was built to solve real world problems and positively impact society.”

Over the years, there have been many Cardano products that aim to better the world. They have included Emurgo Africa, which aims to drive blockchain innovation in the continent. Despite this, skeptics have called it a “ghost chain” with only 29,000 daily active wallets, according to DeFi Llama.

While DeFi Llama doesn't have this statistic for The Open Network, the project itself reports on TonStat that it has 489,000 daily active wallets.

Edited by Stacy Elliott.