The coin powering The Open Network, Toncoin ($TON), could soon overtake both its direct competitor, Avalanche ($AVAX), and the second biggest meme coin by market cap, Shiba Inu ($SHIB), according to the latest figures.
Toncoin has barely moved at all in the last 24 hours, and still trades for around $5.42. The same can be said for its performance over the week, which has only added 1.2% to its price.
However, Toncoin now commands a market cap of $13.801 billion, which puts it within spitting distance of overtaking the $13.804 billion Avalanche. Currently, Shiba Inu commands a market cap of a little over $14 billion.
However, both Avalanche and Shiba Inu are falling today. The former has dropped 3% in the last 24 hours to trade at $33.82, which still represents a 7-day increase of 2.8%.
On the other hand, Shiba Inu’s outlook looks more precarious. $SHIB is down 2.8% on the day and 6.8% on the week to trade at $0.00002389 as of this writing.
Can Toncoin ($TON) overtake Shiba Inu?
The Open Network (TON) was originally a Telegram project but it spun out in 2020 after the US SEC declared that Telegram’s sale of Toncoin (then called Gram) constituted a breach of federal securities laws.
Still, The Open Network and Telegram have maintained a close affiliation and Toncoin is deeply integrated with the Telegram messaging app.
TON’s new name reflects its global, independent and open ethos. It also claims to be the fastest blockchain ever tested.
According to its performance over the last three months, Toncoin has faced some resistance between $5.60 and $5.80. At its current price, it’s looking to challenge that and could climb up to the $6 mark within the week.
Source: TradingView
$TON’s relative strength index (RSI) is 62 and it is rising sharply, which means buying momentum has picked up again and it could reach 70 by the end of the day. When that happens, this would signal an overbought asset, which would then trigger a sell-off that should consolidate Toncoin’s current level as a new support level.
This will ultimately put it in position to potentially overtake Shiba Inu before December, should the latter continue to fall. However, it’s likely to be a tight race.
Diversify Toncoin Holdings With Meme Coin Staking Protocol, Crypto All-Stars
TON is a pretty well-known layer 1 network with a rapidly growing community, making Toncoin’s $TON one of the best long bets in crypto. However, its price movements often track Bitcoin’s.
Those looking for the catalytic gold rushes of early crypto prospecting should diversify their holdings with tokens from one of the innovative pre-sales that are quietly attracting millions.
One exciting new meme coin staking protocol called Crypto All-Stars has raised almost $5 million. It hopes to change the negative perceptions around meme coins by enabling crypto fans to put their digital funny tokens to work and generate yield.
The platform’s cross-chain MemeVault protocol already integrates some of the the world’s biggest meme coins, with more coming later, according to the team.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 375% in the form of $STARS.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
