A meteoric rise in memecoins in the face of the decline in the crypto market

As the crypto market experiences a widespread slowdown, some memecoins in The Open Network (TON) ecosystem are seeing 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 crypto prices, certain memecoins in the TON ecosystem have experienced a surprising surge in the last 24 hours. Resistance Dog (REDO) jumped 32%, The Resistance Cat (RECA) rose 49% while Ton Inu (TINU) rose 9.5%.

This bullish momentum contrasts with the downward trend that prevails in the crypto market as a whole. Where the total market capitalization fell by only 0.1% to $2.54 billion, a relatively resilient performance, the two behemoths Bitcoin and Ethereum for their part lost around 0.2% each.

The Block's GMCI Meme Index, which tracks the main memecoins by market capitalization, even fell by 2.88%. These statistics illustrate the unique, even counterintuitive, trajectory of memecoins anchored in the TON ecosystem in the face of the wind of panic currently blowing on 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 on its ecosystem seem to be doing well in this turbulent market context.

However, these recent fluctuations do not prevent Bitfinex analysts from sounding the alarm about the risks of a prolonged “crypto winter”. In particular, they cite growing regulatory pressures as the main threat facing the entire crypto sector.

If confirmed, the unexpected upward momentum of TON memecoins could represent a rare reason for optimism in a market undermined by ambient uncertainty.