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The Cardano token (ADA) has remained relatively stagnant in recent weeks and lost space among the largest cryptocurrencies on the market.

According to data from CoinGecko, ADA registered a weekly devaluation of almost 5%, leaving the Top 10 (group of the 10 main tokens by market value). The one that grew and entered the Top 10 was Toncoin (TON).

At the time of writing, the Cardano token is priced at $0.45 with a market cap of $16.3 billion. This positions the cryptocurrency as the 11th most valuable, just ahead of the Shiba Inu memecoin, which is less than US$100 million behind. Meanwhile, the TON token is priced at US$6.50 after rising 3.1% in the last week and has a market cap of US$22.5 billion.

Top 10 cryptocurrencies.  Source: CoinGecko
Top 10 cryptocurrencies. Source: CoinGecko

Cardano loses space and Toncoin grows

It is worth noting that this is not the first time that this exchange of positions has occurred. This is because in April this year, Toncoin had already surpassed Cardano after a 12% increase in a single day.

This movement involving the largest cryptocurrencies by market value comes amid a rise in memecoins, with dog tokens leading the group. Solana-based Dogwifhat (WIF), for example, stood out yesterday with an 11% jump to reach $3.68. In the last 24 hours, Shiba Inu registered an increase of 3.3%, trading at US$0.000027, approaching Cardano’s market value.

Created in 2015 by a team led by Charles Hoskinson, co-founder of Ethereum, Cardano is known for its serious approach compared to competitors like Solana.

Cardano has projects such as Emurgo Africa, which aims to boost blockchain innovation on the African continent. However, critics call the platform a “ghost chain” due to its low number of daily active wallets, which is 29,000, according to DeFi Llama.

Meanwhile, The Open Network says it has 489,000 daily active wallets, although DeFi Llama does not provide this specific statistic for the network.

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