A development that shows the differing trajectories of the two assets, Toncoin (TON) is now at risk of falling out of the top 10 cryptocurrencies, as Tron (TRX) recently flipped the token. Indeed, the latter has surged to become the ninth-largest crypto by market cap. This leaves TON in the susceptible 10th place.
Much of Toncoin’s fall is related to the controversial arrest of Telegram CEO Pavel Durov. His apprehension in France led TON to drop notably this week. Prior to his arrest, the crypto sported a market cap of $17.2 billion. That figure now sits at $13.7 billion, dropping 23% in that time frame.
Also Read: Toncoin Sept’ Analysis: Will Durov Drama Push TON Down To New Lows?
TON Could Exit Top 10 as TRX Keeps Surging
Despite its meteoric rise this year, Toncoin has faltered this week. The Open Network’s native token has struggled with uncertainty abounding about the fate of Telegram’s founder and CEO. Over the last seven days, TON has fallen more than 19%, according to CoinMarketCap.
Moreover, its decline has affected its overall market cap. Unfortunately, Toncoin may fall out of the top 10 cryptocurrencies, as it has recently been flipped by Tron (TRX). Alternatively, Tron has continued to perform well. In the last 30 days, the token has increased more than 16% to currently trade around $0.16.
Also Read: Tron Reaches 3-Year High as TRX Looks to Surge Past $0.16
There is still concern that TON could drop even lower. With the Durov debacle ongoing, a sell-off has not ceased. In the last week, Toncoin’s large holder inflow has fallen by 95%. Those holders are important, as they hold more than 1% of the entire circulating supply. Selling pressure from these wallets usually precedes a price correction.
Currently, these holders are not buying TON. This is likely due to the present uncertainty. It could also face another challenge in the form of Cardano (ADA). The token was pushed out of the top 10 last week amid TRX’s rise.
Yet, it could’ve vying for a return. In the last seven days, ADA has increased more than 2%. More importantly, its trading volume has increased 32% in the last 24 hours alone. A recent hard fork upgrade could provide the sentiment the crypto needs to make a run at TON’s position.