TON memecoins show growth amid overall cryptocurrency market stagnation

by Eve Adams

2 years ago

According to Coingecko, memecoins issued on the TON blockchain have shown growth over the past day, despite wider stagnation in the cryptocurrency market. The market capitalization of memecoins increased by 19% in a day, reaching $151 million.

TON network memecoins such as Resistance Dog (REDO), The Resistance Cat (RECA), and Ton Inu (TINU) have grown by 49%, 120%, and 23% respectively over the past week.

In comparison, the overall cryptocurrency market capitalization decreased by 0.1% to $2.54 trillion, with Bitcoin and Ether down by 0.2%.

Large-cap memecoins are also losing value following Bitcoin's decline: The Block GMCI Meme Index, which includes leading memecoins by market capitalization, fell by 2.88% over the past day to 284.96.

TON is a blockchain platform originally developed by the team behind the popular messaging app Telegram, led by the Durov brothers. It was created to integrate cryptocurrency and blockchain features into the Telegram ecosystem. The native token of the TON ecosystem, Toncoin, has dropped by 0.4% over the past 24 hours to $7.78.

According to DefiLlama, the total value locked (TVL) in the TON blockchain grew to $609.78 million on Monday. Just three months ago, this figure was $300 million. Meanwhile, the top 10 TON protocols have shown growth over the past seven days.

Leading the way is DeDust, a decentralized exchange (DEX) aggregator in the TON ecosystem, which grew by 53% last week, reaching nearly $300 million. Smaller protocols also show double-digit growth: Tradoor by 95%, EVAA Protocol by 83%, and STON.fi by 18%.

Bitfinex analysts have identified specific factors that could trigger the next crypto winter.

Regulatory measures are the main factor that could trigger a crypto winter, as increased regulatory scrutiny and stricter rules could reduce investor confidence and lead to market sell-offs, Bitfinex analysts told The Block.

Analysts also pointed to macroeconomic factors that could lead to prolonged sell-offs in the cryptocurrency market.

A significant downturn in the global economy or a major financial crisis could lead to a large-scale sell-off of crypto assets, they added.

Bitfinex analysts also noted that market saturation could be a potential trigger for a crypto winter. As prices reach unsustainable levels, a natural correction is expected due to profit-taking and market saturation. Historical patterns show that significant corrections often follow initial bullish phases after halving events.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Gate Reports Impressive Cold Storage Coverage Ratio

Gate's cold storage coverage ratio reached an impressive 104.58%, ensuring all user assets are secure.

Rajesh Kumar3 hours ago

Gate Launches Innovative Proof of Security Framework

Gate has launched a new asset security verification framework called Proof of Security (PoSEC), becoming the first digital asset trading platform to implement such a system.

Miguel Rodriguez4 hours ago

US DOJ Launches Task Force to Combat AI Misuse

The US Department of Justice has launched a task force to combat the misuse of advanced artificial intelligence, ensuring American leadership is not compromised by bad actors.

Luis Flores5 hours ago

Mercado Bitcoin Suffers Major Security Breach with $48 Million Stolen

Mercado Bitcoin has reported a significant security breach, with over $48 million in assets stolen across 11 blockchains. The breach occurred on November 2, 2023, challenging the exchange's claims of containment.