Memecoins and other TON tokens show bullish potential
By now, most of those immersed in the bitcoin (BTC) and cryptocurrency ecosystem know of the existence of toncoin (TON).
This is a cryptocurrency that It has stood out so far in 2024 due to the enormous increase in its price.
On January 1, 2024, TON was trading for just over $2 and reached over $8.25 (its all-time high) last week.
Toncoin is the native cryptocurrency of The Open Network (which is also abbreviated TON), which has a common past with the Telegram messaging application.
But, There is life in the TON network beyond toncoin. As CriptoNoticias showed in November 2023, the TON network ecosystem includes dApps, decentralized exchanges, non-fungible token (NFT) marketplaces, play-to-earn games and many memecoins.
From the point of view of financial speculation, something interesting is that the vast majority of tokens in this ecosystem have not yet “exploded” upwards. There is a divergence between the native cryptocurrency, toncoin (which is ranked #9 by market cap) and the majority of the TON network tokens.
It is worth clarifying that there is no certainty or guarantee that these tokens that “inhabit” TON will skyrocket. In fact, there are thousands of tokens on Ethereum (the second most valuable network on the market) that have not performed well.
But, according to the personal analysis of the writer of this column, there seems to be a high probability that at least certain tokens in TON will have considerable price increases in the future, in the event that the bull market for cryptocurrencies continues (and as long as toncoin continues to stand out).
Notcoin, the game that conquered more than 30 million people
An example of a TON network token that has been highlighted is NOT, Notcoin Game Governance and Reward Token. As CriptoNoticias reported, this is a game that is accessed through a Telegram bot and has already “conquered” more than 30 million users.
At the time of this publication, NOT is ranked 65th by market capitalization and its price rise in the last 30 days was close to 150% (which is a lot, even considering that it has fallen more than 50% from its all-time high) .
REDO, the main memecoin of the TON network
Just as it happens in Ethereum, in Base, in Solana, in BNB Chain, in Bitcoin and in almost all cryptocurrency networks, there are memecoins that live in The Open Network.
The TON network memecoin with the highest market capitalization is resistant dog (REDO) or, in Spanish, “the resistant dog.”
Like any cryptocurrency, it is represented by an image that, in this case, is inspired by a publication by Pavel Durov (founder of Telegram) made in 2011.
Although REDO is the main memecoin on the TON network, its market capitalization (just over $100 million) places it—at the time of writing—in number 2,621 of digital assets, which means that has growth potential.
REDO is still available on few exchanges and that puts it in the sights of “gem hunters” looking for investment opportunities with great return potential.
STON.fi, the main decentralized exchange on TON
Other tokens that tend to stand out within cryptocurrency networks are those used for governance in decentralized exchanges. Examples of this are UNI (from the Uniswap exchange) on Ethereum or CAKE (from the PancakeSwap exchange) on BNB Chain.
The main TON decentralized exchange is STON.fi. And this exchange has its own token, STON.
At the time of this publication, it is ranked 2,819 by market capitalization (that is, even further behind the REDO memecoin), so it is also on the radar of gem hunters.
Its price, as can be seen in the following graph, has grown quite a bit since its launch in November 2023, but it is far from its all-time high.
The STON token is not on any large centralized exchange (and in the few that it is, it has low liquidity) so it must be acquired on-chain within the STON.fi platform itself.
The lack of presence on large exchange platforms can be considered an indication that it has potential for future growth.
The bullish party would not have ended for cryptocurrencies
As with most cryptoassets, toncoin and the tokens referenced here are very influenced by what bitcoin (BTC) does.
In general, when bitcoin rises, so do altcoins (many with much more aggressive bullish movements), and when bitcoin falls, so do altcoins (and with much stronger falls).
Therefore, the bullish expectation for TON network tokens is contingent on what bitcoin does.
In general, the majority of analysts and traders are optimistic and consider that bitcoin will continue its upward path in the remainder of 2024 and 2025. There are several bullish catalysts for BTC that have been detailed in different CriptoNoticias articles.
If these forecasts come true, the chances increase that the bullish party will extend to the TON ecosystem and profits can be reaped with the tokens that inhabit this cryptocurrency network.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
