Toncoin Surges Over 29% in a Week, Flips Dogecoin in Market Rankings

Toncoin [TON] has been making waves in the cryptocurrency market, with its price surging by more than 29% in the last seven days. This bullish performance has allowed TON to flip Dogecoin [DOGE] and become the eighth-largest crypto by market cap.

While TON’s price charts remained green amidst a market crash, DOGE saw a significant drop in value, losing nearly 20% last week. This divergence in performance has raised questions about whether DOGE will be able to reclaim its spot from TON in the near future.

Analysts have been closely monitoring TON’s on-chain metrics to gauge its sustainability. The token’s NVT Ratio and MVRV ratio have shown mixed signals, with selling pressure on TON increasing as whales sell off their holdings. This has raised concerns about a potential price correction for TON in the coming days.

On the other hand, DOGE has shown signs of bullish momentum, with its price increasing by more than 4% in the last 24 hours. The meme coin’s price touching the lower limit of the Bollinger Bands indicates a potential price uptick, while the Relative Strength Index (RSI) also looks bullish.

As investors wait to see how TON and DOGE will perform in the coming days, the possibility of DOGE reclaiming its spot from TON remains uncertain. While DOGE’s MACD displays a bearish advantage, TON’s potential price correction could open the door for DOGE to move up in the rankings once again.

With the cryptocurrency market constantly evolving, the battle between TON and DOGE for a spot in the top 10 cryptos is one to watch closely in the days ahead.