TonCoin ($TON), the native token of The Open Network, is now the 10th most valuable cryptocurrency in the world according to data from CoinGecko, jumping over 6% over the last day to a current price of $7.25, as of this writing

TonCoin is also up over 40% in the last seven days, and 115% in the past month.

According to CoinGecko, TON now has a market cap of over $25 billion, making it the 10th most valuable cryptocurrency in the world, while Cardano (ADA) fell to 11th at just over $21 billion. Cardano is down 2.1% on the day at a current price of about $0.60.

TON was founded by Telegram in 2017 to enable decentralized services such as decentralized storage, anonymous networks, DNS, and fast payments through a proof-of-stake (PoS) method. However, Telegram ditched the project in 2020 following a lawsuit from the United States Securities and Exchange Commission (SEC).

Nonetheless, community organizations rose to sustain the vision of TON. These include entities such as FreeTon, NewTON, and the TON Chinese Community. Gradually, Telegram has embraced the network again, which may be helping to fuel its rise over the past several months.