tl;dr
Toncoin (TON) has been ousted from the top 10 most valuable cryptocurrencies after an update by The Open Network, which excluded certain holdings from its circulating supply. This move caused a $7 billion drop in Toncoin's market capitalization, with Cardano (ADA) reclaiming the 10th spot. The Open ...
Toncoin (TON) has been ousted from the top 10 most valuable cryptocurrencies after an update by The Open Network, which excluded certain holdings from its circulating supply. This move caused a $7 billion drop in Toncoin's market capitalization, with Cardano (ADA) reclaiming the 10th spot. The tension between TON and ADA reflects how projects value their portrayal by data aggregators.
Telegram, associated with TON, faced SEC charges in 2020 over the Telegram Open Network. Despite Telegram's initial abandonment of TON, it has recently embraced the project, utilizing it as its "official Web3 infrastructure" and adopting TON for revenue sharing.
Toncoin’s market capitalization dropped more than $7 billion instantaneously as data aggregators excluded Toncoin held by Telegram, The Open Network Foundation, and the TON Believers Fund. Meanwhile, the cryptocurrency Cardano (ADA) reclaimed its spot as the 10th most valuable cryptocurrency, currently valued at $15.8 billion. TON, as of this writing, isn't far behind at about $15.6 billion.
The Open Network stated that the adjustment aligns with industry practice and followed an extensive review of TON blockchain data. The tension between TON and ADA reflects the significance of portrayal by data aggregators in the cryptocurrency ecosystem.
The U.S. Securities and Exchange Commission brought charges against Telegram in 2020 over the Telegram Open Network. However, Telegram has more openly embraced TON over the past several months, adopting TON as its “official Web3 infrastructure” and utilizing TON for revenue sharing.
TON’s price has skyrocketed more than 240% to $6.49 over the past year, bolstered recently by the popularity of Notcoin (NOT), a Telegram-based game and cryptocurrency.
More about Ucommune International Ltd
Stock Name: Ucommune International Ltd
Description: Ucommune International Ltd provides and manages agile office spaces in China and internationally. The company is headquartered in Beijing, China.
Sector: Trade & Services
Industry: Services-Business Services, NEC
Market Cap: 1588400
Dividend Yield: None
EPS: None
PE Ratio: -1.38
Volume: 850.2
Change: -0.0106
Market Cap (Currency): 459820000
Dividend (Currency): None
Change %: 0
Change from 52 Week High: -0.478