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A sentiment is emerging in the market that TON (The Open Network) could be the next Solana (SOL) or Ethereum (ETH). This is largely due to its link with <a href="https://news.todayq.com/telegram-linked-not-token-skyrockets-27-will-it-break-ath/" rel="noopener noreferrer nofollow">Telegram</a>. However, there are several crucial challenges stand in the way that may temper this optimism. TON set to gain more? 
As per a report, despite Telegram’s high global reach and impressive monthly active users (MAUs), the market may be overestimating its distribution capabilities. This includes TON’s programming language limitations and its fully diluted valuation (FDV).
Toncoin (TON) has recorded a major surge of 226% on a year-to-date (YTD) basis. It is still riding an upward trajectory as it gained around 18% in the last 30 days. TON is trading at an average price of $7.55, at the press time. However, it is still down by 16% to stand at $224 million. It is now the 8th biggest crypto with a market cap of $18.6 billion.
Its rapid surge has left behind the top cryptos like Dogecoin (DOGE) and Cardano (ADA) in the tally.&nbsp; DOGE price dropped by 24% in the last 30 days, while, it has managed to recover by 2% in the last 24 hours. Dogecoin is trading at an average price of $0.125, at the press time. Its 24 hour trading volume is up by 13% to stand at $658 million with a market cap of $18.22 billion.
Telegram holds a high global user base. This is a strong selling point for TON. With high MAUs, it’s one of the most widely used apps worldwide. This wide reach theoretically positions Telegram as a powerful funnel for driving user adoption of TON. How this can be possible? 
However, the bullish sentiment might be overlooking some key issues. Daily active users (DAUs), present a different story. It is a more telling metric of user engagement and monetization potential. Estimates for Telegram’s DAUs range from 55 to 200 million, indicating a much lower engagement rate compared to its MAUs.&nbsp;
This disparity suggests that Telegram’s user base might not be as monetizable as it appears, which could impact the growth and adoption of TON.
Another major hurdle the report revealed is TON’s native programming language, FunC. Unlike Ethers Solidity, which resembles JavaScript and benefits from widespread usage, and Solana’s Rust, which, while less common, has a dedicated following, FunC is more similar to C. C is not only less familiar but also less favored among developers.

Can TON be next Solana or Ether? Data suggests this

Todayq News

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