Telegram Meme Coins Stir the Crypto World: Tron and Ton Take Center Stage as Solana Fights to Reclaim Its Throne
Telegram-based meme coins have been making waves, thanks to the booming success of the mini-Apps technology on the messaging platform. Recently, Tron (TRX) and Ton (TON) have emerged as key players in this space, grabbing the spotlight with their own meme coins: Sun Token (SUN), Dogs (DOGS), and Notcoin (NOT). Meanwhile, Solana’s popularity has taken a hit as trading volume shifted towards these two chains. Despite this, Solana appears to be finding solid support and may be poised for a comeback.
Telegram Meme Coins Strain the Ton Network
On August 26, the Telegram mini-app coin Dogs made its debut on the Ton blockchain. Although the launch was successful, it caused significant congestion on the network, leading to delays and transactions getting stuck.
Ton Stat provided insights into the situation: a comparison of the network’s activity on a typical day versus during the DOGS launch revealed stark differences. The white vertical lines in the post-launch analysis indicated numerous issues and latency problems across TON-related services.
In response, the Ton Foundation took action, urging validators to restart their nodes with specific flags to restore consensus. This led to a temporary suspension of deposits and withdrawals on crypto exchanges, allowing the network to stabilize.
Interestingly, Notcoin’s launch in May resulted in a more than 40% increase in TON’s price, although it caused less disruption to the network.
Post-launch, DOGS faced a period of stagnation as the market awaited updates on Telegram founder Pavel Durov, who had been imprisoned in France. On August 28, DOGS saw a brief price spike following rumors of Durov’s release circulating on crypto X space. However, when it was confirmed that he would still face charges, DOGS entered a consolidation phase, with its price fluctuating between $0.0016 and $0.0014.
Notcoin, on the other hand, has faced a tough few months. After its launch, early airdrop claimants quickly sold off their holdings, driving the price down. A subsequent marketing effort did spark a brief surge, pushing the token’s price to a peak of $0.0233. However, since then, NOT has dropped by 62%.
Sun Token Outperforms Solana’s Pump.fun
In addition to Telegram’s meme coins, Sun Token from SunPump, the Tron equivalent of Solana’s Pump.fun, has captured significant attention. Data from Dune Analytics showed that SunPump briefly surpassed Pump.fun on August 21, generating $585,000 in revenue compared to Pump.fun’s $366,000.
However, Solana continues to dominate as the leading platform for meme coins. On August 29 alone, 7,860 new tokens were created on Solana, generating $458,000 in revenue. By comparison, SunPump saw 4,562 tokens launched, resulting in $295,000 in revenue during the same period.
Sun Token’s price surge began on August 14, following a post by Tron Founder Justin Sun on his X account, where he expressed his support for the coin. Over the next week, SUN skyrocketed by more than 170%, reaching a peak of $0.043 before beginning to correct.
Currently, SUN is trading at $0.03118, marking a 4% increase in the last 24 hours, and has found strong support around this level. There is speculation that SunPump could once again overtake Pump.fun as Justin Sun aims to grow the Tron coins sector to a $4 billion market cap by 2025.
Can Solana Regain Its Dominance?
Solana has a well-established track record of bouncing back from setbacks. In its most recent rally, Solana’s price surged from a low of $20 to its current level of $144. Despite recent market volatility, SOL’s price action remains among the strongest in the market.
The potential release of Pavel Durov from prison, coupled with the dropping of charges against him, could ignite a bull run for Telegram-related coins. Until then, Solana remains a formidable competitor, with the potential to regain its lost glory.
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