Telegram Coin Toncoin (TON) Loses Market Cap Position to Tron (TRX) Following a Recent Price Correction and the Ongoing Detention of Pavel Durov

Before Sunday's events, TON had a market cap of $17.20 billion, while Tron's market cap was over $14 billion after surpassing Cardano.

Telegram Coin Toncoin (TON) has lost its market cap position to Tron (TRX) following a recent price correction and the ongoing detention of Pavel Durov.

Before Sunday’s events, TON had a market cap of $17.20 billion, while Tron’s market cap was over $14 billion after surpassing Cardano.

However, with TON’s market cap declining, its position in the top 10 cryptocurrencies is now at risk, potentially leading to a further slide in the rankings.

The Flagship Telegram Coin Drops Behind Tron

Toncoin’s market cap has dropped to $13.47 billion, reflecting a staggering $4 billion decline over the past three days.

For those unfamiliar, market cap is calculated by multiplying the circulating supply by the asset’s price. Therefore, TON’s price drop has directly contributed to this decline.

In contrast, Tron (TRX) is in a more favorable position.

While TON’s price has decreased by 18% over the last 30 days, TRX’s value has increased by the same percentage. This rise in TRX’s price is largely attributed to the launch of SunPump, a meme coin token generator introduced by the blockchain’s founder, Justin Sun.

It’s not as though Toncoin hasn’t had positive developments. Before the recent hype around Tron, the launch of numerous bot coins on Telegram — a messaging app closely tied to TON blockchain — brought significant attention to the cryptocurrency.

However, the ongoing sell-offs and Pavel Durov’s unresolved situation suggest that Toncoin’s price and market cap could drop further.

Additionally, Toncoin’s Large Holders Inflow has decreased by 95% over the last seven days.

Large Holders Inflow tracks the activity of wallets holding over 1% of a cryptocurrency’s total circulating supply. Spikes in this metric typically indicate that large investors are buying after a significant price correction.

In TON’s case, the decrease in this metric suggests that large investors are remaining cautious and not purchasing TON at the current price, potentially signaling further downside risk.

If this remains the same, the crypto might find it challenging to erase some of its recent losses, possibly preceding a further price decrease or loss of the number 10 market spot to Cardano (ADA).

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