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

• TON has a market cap of $13.55 billion while SHIB has a market cap of $13.97 billion.
• A drop below $5 will invalidate TON’s bullish pennant pattern. 
• TON has a long term target of $10 and a short term target of $6.10.

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.

Read also: Shiba Inu: Imminent Breakout to 50% Surge on 6200% Burn Rate?

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, witn…

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