Toncoin (TON) Hits ATH Flipping Cardano for Top Ten Spot, Here’s Why

Toncoin hit an all-time high of $6.50 on April 9, following a monumental 20% gain on the day, outperforming every other crypto asset in the top 50.

The big move has enabled it to flip Cardano (ADA) and take the tenth spot with a market cap of $22.4 billion.

Cardano, which is still languishing more than 80% down from its 2021 peak, has been dumped out of the top ten despite a 4% daily gain to top $0.61.

Moreover, the social messaging platform Telegram-native asset has made more than 150% since the beginning of March, according to CoinGecko.

Top 10 Cryptocurrencies. Source: CoinGecko

Toncoin Payments and AI Program

There has been a lot of momentum for Toncoin recently, including Telegram’s move earlier this month to ditch the Euro in favor of its native TON token for platform payments.

The roll-out of TON payments for advertisers and crypto payouts for content creators on the messaging app triggered a surge in activity on The Open Network.

The number of accounts on the network has almost doubled over the past month to around 12 million, according to TonStat. Additionally, the number of on-chain activated wallets has surged 77% to almost 3 million over the past month.

A move into AI has catalyzed today’s price explosion, however. The Open Network and biometrics company HumanCode AI have inked a deal on a $5 million incentive program in TON for people to enroll in the firm’s palm-scanning “proof-of-personhood” system.

The program allows TON community members and users to connect their wallets and scan their palms to get a share of 1 million Toncoins on offer.

Solutions for proof-of-human tools are in great demand, said HumanCode AI co-founder Dong Zhang. “While other proof-of-human solutions exist, HumanCode’s palm system offers greater user privacy protection and does not require specific hardware,” he added.

@ton_society has partnered with HumanCode, an innovative AI technology company, to transform the way users verify their identity online!

TON Society offers 1M $TON in incentives for users to verify their identity

Why does this matter? Let’s find out pic.twitter.com/uZPFSXGkmF

— TON (@ton_blockchain) April 8, 2024

Elsewhere on Crypto Markets

Cardano, meanwhile, has been lackluster and the subject to more FUD, which founder Charles Hoskinson has been actively fighting.

ADA prices remain depressed and have failed to mirror the gains many of its peers have during this bull market, hence the dumping out of the top ten.

Ethereum is doing well today, topping $3,700 for the first time in three weeks following an 8% surge.

Moreover, Polkadot (DOT), Polygon (MATIC), and Near Protocol (NEAR) had all made around 5% on the day as altcoins drive markets.

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