Memecoins
The Spectacular Return of Memecoins Amid Crypto Downturn
10:18 a.m. ▪ 3 min reading ▪ by Fénelon L.
As the crypto market experiences a general slowdown, some memecoins in The Open Network (TON) ecosystem have seen surprising gains over the past 24 hours, defying the downtrend.
An unexpected uptrend on TON despite the overall market decline
According to data from CoinGecko, a reference platform for tracking cryptocurrency prices, some memecoins in the TON ecosystem have seen a surprising increase in the last 24 hours. Resistance Dog (REDO) jumped 32%, The Resistance Cat (RECA) jumped 49% while Ton Inu (TINU) rose 9.5%.
This bullish momentum contrasts with the prevailing bearish trend in the overall crypto market. Where the total market capitalization fell only 0.1% to $2.54 billion, a relatively resilient performance, the two giants Bitcoin and Ethereum each lost around 0.2%.
The Block’s GMCI Meme Index, which tracks the top memecoins by market capitalization, even fell 2.88%. These statistics illustrate the unique, even counterintuitive, trajectory of memecoins anchored in the TON ecosystem in the face of the current panic sweeping the crypto market.
TON, an atypical and promising crypto ecosystem
Coming from the teams behind the popular messaging application Telegram, the TON platform integrates particularly innovative blockchain and crypto functionalities. Although its native token Toncoin fell 0.4% to $7.78, memecoins anchored in its ecosystem seem to stand out in this turbulent market context.
However, these recent fluctuations have not stopped Bitfinex analysts from sounding the alarm about the risks of a prolonged “crypto winter”. They specifically cite growing regulatory pressures as the main threat to the entire crypto industry.
If confirmed, the unexpected upward momentum of TON memecoins could represent a rare reason for optimism in a context market plagued by ambient uncertainty.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.