Toncoin (TON) is on the verge of falling out of the top 10 crypto assets as TRON (TRX) experiences significant growth. According to CoinMarketCap, TON’s market cap has dipped below $13 billion in the past three days, while TRON’s has surged to over $14 billion.
Impact of Pavel Durov’s Arrest on Toncoin
The recent drop in Toncoin’s market cap is partly due to a price correction following the arrest of Pavel Durov, Telegram’s co-founder and CEO. Over the last 30 days, Toncoin’s price has fallen by 18%, reaching a low of $5.11 on Tuesday. A network outage also contributed to the bearish momentum.
TRON’s Surge and the Rise of SunPump
In contrast, TRON has seen a 16% price increase during the same period, fueled by the launch of SunPump, a new meme coin token generator created by TRON’s founder, Justin Sun. SunPump has quickly gained traction, surpassing Solana’s Pump.fun in daily revenue. Last Wednesday, SunPump generated $567,000 from 7,531 launched memecoins, compared to Pump.fun’s $368,000 from 6,941 tokens.
Investor Caution in Toncoin
Data from IntoTheBlock shows a decline in Large Holders Inflow for Toncoin, which tracks wallets holding over 1% of the circulating supply. This suggests a cautious approach from major investors, potentially signaling further declines.
As of August 28, Toncoin ranks 10th with a market cap of $13.5 billion, just ahead of Cardano at around $13 billion. TRON recently surpassed Cardano, knocking it out of the top 10.
