Toncoin Surges Into Top 10 Cryptocurrencies, Briefly Topping Dogecoin

Toncoin (TON), the native cryptocurrency of The Open Network, is now the 10th biggest digital asset by market cap—and on Tuesday, it briefly overtook Dogecoin as the ninth largest cryptocurrency by that metric.

Riding on the back of news last week that a self-custodial digital wallet had launched on popular messaging app Telegram, TON is now up more than 31% in the past seven days, making it the best-performing asset in the top 100 cryptocurrencies during that span.

TON is right now trading hands for $2.45, according to CoinGecko. TON, which runs on the proof-of-stake blockchain, was launched by messaging app Telegram back in 2018.

But following an SEC lawsuit, Telegram abandoned the project. It has since been taken over by the TON Foundation and allows users to send commission-free crypto transfers to other Telegram users.

The Open Network has a host of other features, including TON Storage, TON Proxy (a decentralized VPN service), and the TON naming system. Users pay for these products with the TON token.

Despite being a sleepy past 24 hours, most of the crypto market is up in the past week. Bitcoin, the largest digital asset by market cap, has jumped by nearly 4% in seven days. It is currently trading for $27,204 per coin, according to CoinGecko.

Ethereum, the second largest cryptocurrency, is priced at $1,629, down 1.2% in 24 hours but up 1.3% over the past seven days. And Dogecoin, the original meme coin and a favorite of Twitter owner and Tesla CEO Elon Musk, is down nearly 1% in the past 24 hours but up 1.8% in the past week.