Toncoin’s Market Cap Surge Threatens Shiba Inu’s Position

Toncoin (TON), the rising layer-1 blockchain project, is closing in on Shiba Inu (SHIB), the second-largest meme coin in the crypto market. While TON currently ranks 12th among all digital assets, its recent performance suggests it could break into the top 10. This surge comes amidst a broader rally in meme coins, with SHIB leading the charge.

Data from CoinMarketCap reveals that SHIB has outperformed TON since November 2023, boasting a 181.65% rise compared to TON’s 128.43%. Toncoin’s market cap stands at a substantial $13.55 billion, while Shiba Inu’s is slightly higher at $13.97 billion. Currently, SHIB maintains a slight edge over TON.

At the time of publication, TON is trading at $5.32, down 35.63% from its all-time high of $8.24 witnessed five months ago. On the other hand, SHIB is trading at $0.00002371, down 73.43% from its all-time high of $0.00008845, witnessed three years ago. In the last seven days, TON has dipped 1.23% while SHIB has dropped 6.01%. 

SHIB vs. TON Price Analysis

An analysis by “Rose Premium Signals” on X suggests that TON is forming a bullish pennant. A breakout could propel the altcoin to $6.10 short-term, $8 mid-term, and $10 long-term. However, a drop below $5 would invalidate this pattern.

On the other hand, the Shiba Inu burn rate has doubled in the past 24 hours, according to the data from Shibburn. A massive 14.5 million SHIB tokens were burned in the past 24 hours, suggesting that the uptrend for the meme coin might continue in the near future. 

In the past 30 days, Toncoin has printed a modest 1.66% in gains while Shiba Inu has surged a whopping 28.33% in the same period. If TON seeks to dethrone SHIB and maintain the lead, the altcoin will have to print significantly higher prices.