Dogecoin out of the Top 10? All about TON’s race to #8

  • Toncoin and Dogecoin remain close in market cap rankings.
  • TON and DOGE continue to take losses.

In recent weeks, Toncoin [TON] has experienced a surge in market capitalization, surpassing assets that have held top ten positions for an extended period.

This upward trajectory continues, with analysis indicating that Toncoin is closely trailing Dogecoin.

Toncoin moves close to Dogecoin

In recent weeks, Toncoin has ascended in market capitalization ranking, securing the ninth position and displacing Cardano in the process, according to data from CoinMarketCap.

Recent analysis indicates that its next contender is Dogecoin. On the 17th of April, the market capitalization of both TON and DOGE exceeded $22 billion. 

However, at the time of this writing, TON’s market cap has decreased to around $21.3 billion. In comparison, DOGE remains slightly above $22 billion.

The current dynamics suggest that TON could climb to the eighth spot in the market capitalization ranking if its price increases and DOGE’s price moves in the opposite direction.

If Toncoin aims to catch up with Dogecoin in market cap ranking, its current price trend may not facilitate this goal.

Analysis of TON on a daily timeframe chart showed significant downward trends in recent days, despite alignment with the broader market trend. These trends have notably impacted its market cap.

Since the beginning of the week, TON has experienced daily declines exceeding 3%. At the time of writing, it was trading around $6.1, reflecting a decline of over 3%. 

Toncoin price trendToncoin price trend

Source: TradingView

Further analysis suggests that its support levels are currently around $4.7 and $4.9. Additionally, the recent declines have led to a decrease in its Relative Strength Index (RSI).

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However, despite the decline, TON remains in a bull trend, with the RSI trending above the neutral line.

Similarly to Toncoin, Dogecoin has also experienced a downward trend recently. However, unlike TON, its decline has been more gradual.

At the time of writing, Dogecoin was trading around $0.1, reflecting a 1.09% decline.

Analysis indicates that Dogecoin has only experienced an over 3% decline once in the last three days, unlike TON’s consecutive declines exceeding 3%. 

Dogecoin price trendDogecoin price trend

Source: TradingView

Another distinction in its trend is that Dogecoin is in a bear trend. At the time of this writing, its RSI was trending below the neutral line, indicating a bearish market sentiment.

A “Ton” of difference in volume

Analysis of Dogecoin and Toncoin volume revealed a significant disparity in daily trading activity.

According to data from Santiment, the volume for DOGE was nearing $1.9 billion at the time of writing, with recent observations indicating a decline. 

Dogecoin volumeDogecoin volume

Source: Santiment

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In contrast, TON’s volume was approximately $531 million, resulting in a difference of over $500 million between the two.

However, despite this gap, TON’s volume remains relatively high, especially considering the number of holders.

Toncoin volumeToncoin volume

Source: Santiment

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