Memecoins deployed on The Open Network have rallied over the past day despite broader stagnation in the cryptocurrency market, according to Coingecko. The top TON -0.26% memecoins by market cap have increased by 35.2% in the past day to now stand at $172 million.
Memecoins native to the TON network, such as Resistance Dog (ticker: REDO), The Resistance Cat (ticker: $RECA) and Ton Inu (ticker: TINU) have increased by 32%, 49% and 9.5%, respectively, over the past 24 hours.
In comparison, the wider cryptocurrency market cap has fallen by 0.1% to $2.54 trillion. Bitcoin and ether have both ticked 0.2% lower, according to The Block's Prices Page.
Large-cap memecoins have also moved lower, with The Block’s GMCI Meme index, comprising the leading memecoins by market capitalization, having fallen by 2.88% in the past day to 284.96.
TON is a blockchain platform initially developed by the team behind the popular messaging app Telegram, headed by the Durov brothers. It was created to integrate cryptocurrency and blockchain functionality into the Telegram ecosystem. The native token of the TON ecosystem, Toncoin, fell 0.4% in the past 24 hours to $7.78, according to The Block's Price Page.
Potential crypto winter catalysts
Bitfinex analysts have highlighted specific catalysts that could trigger the next crypto winter. "Regulatory crackdowns are a major factor that could trigger a crypto winter, with increased regulatory scrutiny and stricter regulations that could reduce investor confidence and lead to market sell-offs," Bitfinex analysts told The Block.
The analysts also pointed to macroeconomic factors that could lead to a prolonged crypto market sell-off. "A significant downturn in the global economy or major financial crises could result in a large-scale sell-off of crypto assets," they added.
The Bitfinex analysts also noted that market saturation could be a potential trigger for a crypto winter. "As prices reach unsustainable levels, a natural correction driven by profit-taking and market saturation is expected, historical patterns show that significant corrections often follow initial bullish phases after the halving," the analysts said.