Toncoin, also known as TON, has surpassed Cardano's ADA in terms of market capitalization. Several factors have contributed to this achievement, including speculation surrounding an IPO, increased adoption, and network expansion. In contrast, Cardano has faced significant criticism, with analysts questioning its ecosystem's ability to develop effective decentralized applications (dApps).

TON reached its all-time high (ATH) on April 9, 2024. Over the past 30 days, the token has surged by 150%, securing the 9th position in terms of Market Cap. The momentum has continued, with a surge of 133.15% in the past 30 days. TON has maintained this momentum, currently trading at $6.68, experiencing a slight drop of 3.375% in the last 24 hours.

Meanwhile, ADA has experienced a decline of 20.22% over the last 30 days, trading at $0.5871. TON's trajectory appears more promising, primarily fueled by speculation surrounding its IPO since rumors began circulating in the market.

Although there are no immediate plans to sell Telegram, speculation about a potential IPO has contributed to TON's surge. Pavel Durov, Telegram's founder, highlighted the platform's milestone of reaching 900 million users, with investors valuing the platform at approximately $30 billion. The decision not to sell the messaging platform was clarified during interactions with the press.

TON's valuation has also been bolstered by ecosystem growth, such as the addition of the Notcoin game to the TON Network, which allows more users to play the game and mint NOT tokens. Additionally, the launch of Ton Fish on Bitget has potentially fueled the rise, with Bitget confirming the meme token's launch and informing its ecosystem members about the opportunity to participate.

On the other hand, ADA continues to face negative commentary. Notable comments from figures like Arthur Hayes and Gemini have raised concerns about Cardano's ability to develop effective dApps and cautioned users against holding ADA.

As ADA struggles to overcome its bearish trend, TON is likely to benefit from the ongoing bull run. If IPO speculation surrounding TON materializes, it could further surpass ADA in terms of token value and Market Cap.