The supremacy battle in the layer one (L1) networks has experienced major shifts from the legacy chains following the palpable growth of the Telegram-backed Toncoin (TON) blockchain. After dethroning Cardano (ADA) from the top ten most valuable digital assets, the Toncoin network has now outshined the largest meme coin backed by tech billionaire Elon Musk, Dogecoin (DOGE).

According to the latest data, the Toncoin network had a fully diluted valuation (FDV) of about $32 billion and a market cap of around $22 billion as of Friday. On the other hand, Dogecoin had an FDV of about $21.9 billion and lacked support for web3 smart contracts. 

What Has Made the Toncoin Network Tick?

Backed by the Telegram social platform with over 200 million daily active users (DAU), the Toncoin ecosystem was bound for success for its inception. Already, the Toncoin network has raised over $1.7 billion from veteran venture capitalists like DWL Labs. 

Consequently, the Toncoin network has a total value locked (TVL) of about $164 million from dozens of web3 projects like Notcoin (NOT) meme coin. On Friday, Tether, the leading US dollar-backed stablecoins issuer, announced that its tokens USDT and XAUT will now be available on the Toncoin network.

As a result, the adoption of web3 projects on the Toncoin ecosystem will be as competitive as those on the Ethereum network.

TON Price Action

Toncoin (TON) price has been trapped in a consolidation pattern in the past few weeks in a similar fashion as the rest of the altcoins. Ahead of the fourth Bitcoin halving, TON price could further correct in the subsequent months towards the support level of $5, which also coincides with the 0.618 Fibonacci Retracement.

Furthermore, the weekly Relative Strength Index (RSI) shows a bearish divergence on a rising market.

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