Telegram Meme Coins SUN, DOGS & NOTCOIN Steal Spotlight From Solana
Telegram meme coins have been in the spotlight for a while due to the overly successful mini-Apps technology on the messaging platform. In the past few days, Tron (TRX) and Ton (TON) have been sharing the limelight with their meme coins: Sun Token (SUN), Dogs (DOGS), and Notcoin (NOT), while Solana hype reduced drastically as volume moved to these two chains. However, Solana may have found robust support and may rebound soon.
Telegram Meme Coins Threaten to Break Ton Network
On August 26, Dogs, a Telegram mini-app meme coin, launched in the Ton blockchain. While the launch was a success, it left the network in tatters as congestion caused transactions to get stuck.
According to Ton Stat, the image to the left shows a Ton blockchain on a normal day, while the one to the right shows the network during the DOGS launch. The white vertical lines here indicate all the issues and delays (latency) experienced while using TON-related services during the launch.
Finally, the Ton Foundation called on validators to restart their nodes with specific flags to re-establish consensus, temporarily suspending deposits and withdrawals to and from crypto exchanges.
Similarly, the launch of Notcoin in May led to a more than 40% increase in the price of TON, though in terms of network congestion, NOT was relatively easy on the main chain.
Following the launch, the price of DOGS stagnated as the market awaited news on the release of Telegram founder Pavel Durov, who was imprisoned in France.
On August 28, DOGS price experienced a slight spike after reports of Durov’s release surfaced on the crypto X space. However, once it became clear that he would face official charges, DOGS entered a consolidation phase, fluctuating between $0.0016 and $0.0014.
Notcoin price has taken a beating over the last few months. After launch, airdrop claimors cashed heavily, lowering the token price. However, a marketing stunt from the team caused the token to surge in price, peaking at $0.0233. NOT has been dropping since then and is down 62%.
SUN Price Overshadows Pump.Fun From Solana
Aside from the Telegram meme coins, SUN from SunPump, the Tron version of Solana’s Pump.fun, also stole the show from Solana. Data from Dune Analytics shows SunPump briefly overtook Pump.fun on August 21, when it generated $585,000 in revenue against Pump.fun’s $366,000.
However, Solana has remained the top destination chain for meme coins since August 29, when 7,860 new tokens were created on the platform, generating $458,000 in revenue. In comparison, SunPump saw 4,562 tokens launched, constituting $295,000 in revenue in the same duration.
SUN price began to surge on August 14, after Tron Founder Justin Sun posted it on his X account, showing support for it. Over the next seven days, SUN skyrocketed by over 170%, peaking at $0.043 before starting to correct.
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.
It is possible for SunPump to once more overtake Pump.fun as Tron Founder plans to take the Tron meme coin sector to a $4 billion market cap in 2025.
Can Solana Take Back Glory from Telegram Meme Coins?
Solana has a very good history for its ability to rebound from any setback. In the most recent rise, Solana price pumped from a low of $20 to the current price of $144. SOL price action remains one of the strongest despite recent market volatility.
Breaking :
Telegram CEO, Pavel Durov, has been released from prison. However, he is prohibited from leaving France and must pay a bail of €5 million.#FREEDUROV pic.twitter.com/c20U3ejodA
— INVESTMENT SIGNATURE (@INVESTSIGNATURE) August 29, 2024
The release of Durov from prison and the subsequent dropping of all the charges leveled against him may trigger a bull season on Telegram meme coins. But until then, Solana proves to be a difficult opponent to take down.
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