As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen it all – from the dot-com bubble to the Bitcoin boom and bust. The current surge of Telegram meme coins has caught my attention, particularly the recent launches of Dogs (DOGS) on Ton and Sun Token (SUN) on Tron.
For some time now, the attention has been on Telegram’s meme coins, particularly due to the popular mini-Apps technology on their messaging service. Recently, Tron (TRX) and Ton (TON) have been garnering attention alongside their meme tokens such as Sun Token (SUN), Dogs (DOGS), and Notcoin (NOT). Interestingly, Solana’s hype has diminished significantly as activity shifted towards these two networks. However, it seems that Solana might be stabilizing and could potentially bounce back soon.
Telegram Meme Coins Threaten to Break Ton Network
August 26 saw the debut of the meme coin “Dogs” within the TON blockchain, a mini-app for Telegram. Although the launch went smoothly, it resulted in significant network strain due to congestion, causing many transactions to become delayed or stalled.
As per Ton Stat’s explanation, the image on the left depicts a typical Ton blockchain operation, contrasted by the image on the right which represents the network during the DOGS launch. The white vertical lines in these images signify the problems and delays (latency) encountered when utilizing TON-related services during the launch period.
Eventually, the Ton Foundation requested that validators should restart their nodes using particular tags to restore agreement within the system. As a temporary measure, they paused transactions involving deposits and withdrawals between cryptocurrency exchanges.
In a similar fashion, the introduction of Notcoin in May resulted in a significant surge – over 40% – in the value of TON. However, compared to other transactions, using Notcoin on the main network was relatively less demanding or stressful.
After its debut, the cost of DOGS remained steady while investors waited for updates about the potential release of Pavel Durov, the creator of Telegram, who had been detained in France.
On August 28th, the price of DOGS saw a minor increase due to news about Durov’s release in the crypto world. But when it was understood that he would be facing legal charges, DOGS entered a period of stability, oscillating between $0.0016 and $0.0014.
Over the past few months, the value of Notcoin has significantly decreased. Initially, after its launch, those who claimed airdrop tokens made substantial profits, leading to a drop in the token’s price. However, a strategic marketing move by the team temporarily boosted the token’s price to $0.0233. Since then, Notcoin has been on a downward trend and has fallen by 62%.
SUN Price Overshadows Pump.Fun From Solana
Besides meme coins on Telegram, the SunPump token, similar to Pump.fun on Tron but created by SunPump, managed to outshine Solana on August 21. According to Dune Analytics, SunPump momentarily earned $585,000 in revenue compared to Pump.fun’s $366,000 during that period.
Despite this, Solana has continued to be a preferred chain for meme coins since August 29, with approximately 7,860 new tokens created, yielding around $458,000 in earnings. On the other hand, SunPump witnessed the launch of 4,562 tokens, generating roughly $295,000 in revenue over the same period.
On August 14th, the price of SUN started climbing after Tron’s Founder, Justin Sun, endorsed it on his Twitter account. Over a seven-day period, the price of SUN soared by more than 170%, reaching a high of $0.043, before beginning to dip again.
SUN price is currently trading at $0.03118, an increase of 4% in the last 24 hours, and has also found strong support around this price.
There’s potential for SunPump to surpass Pump.fun again, given that the creator of Tron aims to escalate the Tron meme coin market to a value of $4 billion by 2025.
Can Solana Take Back Glory from Telegram Meme Coins?
Solana has shown resilience in its past, effectively bouncing back from any adversity. Notably, during the latest surge, Solana’s price skyrocketed from a minimum of $20 to its current value of $144. The behavior of SOL remains robust even amidst recent market turbulence.
Good news! Telegram CEO, Pavel Durov, has been freed from prison, but with conditions: He’s not allowed to leave France and is required to post a bail bond of approximately €5 million. #FreeDurov
— INVESTMENT SIGNATURE (@INVESTSIGNATURE) August 29, 2024
Releasing Durov from prison and dismissing the accusations against him could potentially spark a bullish trend for Telegram meme coins. However, until that happens, Solana remains a formidable competitor to overcome.
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2024-08-29 13:38