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Memecoins' Spectacular Comeback Amid Crypto Downturn

Tue 18 Jun 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Altcoins

While the crypto market is experiencing a general slowdown, some memecoins in The Open Network (TON) ecosystem are recording surprising gains over the past 24 hours, defying the bearish trend.

Memecoins rise on the crypto market

An unexpected bullish trend on TON despite the overall market decline 

According to data from CoinGecko, a reference platform for tracking crypto prices, some memecoins in the TON ecosystem have experienced a surprising surge over the past 24 hours. Resistance Dog (REDO) jumped by 32%, The Resistance Cat (RECA) by 49% while Ton Inu (TINU) rose by 9.5%.

This bullish dynamic contrasts with the prevailing bearish trend in the overall crypto market. Where the total market capitalization has only declined by 0.1% to 2.54 billion dollars, a relatively resilient performance, the two giants Bitcoin and Ethereum have each lost about 0.2%.

The GMCI Meme index from The Block, which tracks the main memecoins by market capitalization, even dropped by 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 through the crypto market.

TON, an atypical and promising crypto ecosystem 

Originating from the teams behind the popular messaging app Telegram, the TON platform integrates particularly innovative blockchain and crypto features. Although its native token Toncoin has decreased by 0.4% to 7.78 dollars, the memecoins anchored in its ecosystem seem to be standing out in this turbulent market context.

However, these recent fluctuations have not prevented Bitfinex analysts from sounding the alarm about the risks of a prolonged “crypto winter.” They particularly cite increasing regulatory pressures as the main threat looming over the entire crypto sector.

If confirmed, the unexpected bullish dynamic of TON memecoins could represent a rare reason for optimism in a market plagued by prevailing uncertainty.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.