The Open Network (TON) has launched Memelandia, a decentralized hub aimed at expanding its meme coin ecosystem. This initiative leverages TON’s integration with Telegram to enhance meme activity on the platform.

The launch comes as meme coin activity on other blockchain networks has sparked heightened interest in these digital assets.

How Memelandia Will Boost TON’s Meme Coin Ecosystem

According to TON, Memelandia is a decentralized space where meme coin communities can thrive, compete, and innovate. It offers a unique environment for meme tokens to grow, fueled by the enthusiasm of crypto degens.

Memelandia features several key platforms that encourage collaboration and competition among meme coin enthusiasts. One of these is Launchpad Lair, where token deployers can launch new meme coins. Other areas, such as Meme Mountain and Cabal Arena, host meme battles among communities, creators, and traders. Additional platforms include Community Forest, Memecoin Armory, and the Lagoon of Digital Resistance.

On Memelandia, communities compete to grow their meme coins, driving volume, market cap, engagement, and decentralized exchange (DEX) listings. Top-performing communities are rewarded with airdrops and other incentives. The platform will also highlight tools for traders and creators, such as trading bots and launchpads. Additionally, it will offer marketing support and foster community engagement to promote meme tokens beyond TON.

“TON’s strategic position allows it to onboard Telegram’s massive audience into crypto in general and memecoins in particular. Memelandia, therefore, offers a unique space for meme coins to grow, fuelled by the creative energy of degens,” TON added.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Meanwhile, TON team explained that the move was driven by the strong communities surrounding these assets. One notable example of high meme coin activity came from DOGS. In August, over 17 million users claimed DOGS tokens, resulting in single-day transactions reaching a record 14.4 million, causing two network outages.

The surge in memecoin activity, coupled with TON’s integration with Telegram and its access to the platform’s 900 million users, has significantly boosted TON’s popularity. Indeed, TON now boasts over 11.8 million monthly active wallets and around 693,000 daily active wallets.

Outside of TON, meme coin activity has surged across other networks like Tron and Solana. Since the beginning of this year, the meme tokens have attracted growing interest from cryptocurrency investors and have thrived on ecosystems with lower transaction fees.

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

Amid these trends, there are reports that institutional investors and liquid funds may soon enter the meme coin market. Su Zhu, the founder of the now-defunct Three Arrows Capital (3AC), predicted that the market might witness institutional allocation to the sector soon.

“Hearing liquid funds who had previously rejected memecoins are now being asked by LPs why they haven’t caught the moves. Institutional allocation to memecoins is likely to be the story of q4 2024,” Zhu wrote on X.

POPCAT has achieved a remarkable milestone by surging past its all-time high of $1.0094, igniting excitement among traders and investors alike. This breakout signals a powerful bullish momentum, prompting a re-evaluation of the asset’s potential for further gains. As the market reacts to this significant price movement, understanding the underlying technical factors and market dynamics is crucial for forecasting future price action. 

In this technical breakdown, we will analyze the recent surge of POPCAT past its previous all-time high of $1.0094, focusing on the technical indicators and market conditions that have contributed to this breakout. By examining key support and resistance levels, as well as the potential for a continued bullish trajectory, we will assess the implications of this price action for traders and investors. 

Additionally, the article will explore potential scenarios for POPCAT’s price movement, providing insights into what to expect in the coming days and how market sentiment may influence future trends.

Analyzing Technical Indicators After New Peak

On the 4-hour chart, POPCAT has demonstrated impressive bullish momentum, breaking above both the 100-day Simple Moving Average (SMA) and its previous all-time high of $1.0094. Reaching a new all-time high marks a critical milestone for the meme coin, as it validates the positive trend and opens the door for potential new highs.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a renewed upward potential, as the RSI has climbed back to 68% after dipping to 45%. This upward shift indicates increasing buying pressure. If the RSI continues on this trajectory, it could signal more upside movements for POPCAT, paving the way for new highs, and reinforcing the bullish trend.

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Furthermore, the meme coin has fully positioned itself above the daily 100-day SMA, indicating a strong positive pressure after surpassing its all-time high of $1.0094. As the price breaks through previous resistance levels, it attracts more buyers, enhancing the likelihood of a sustained uptick and fortifying the overall optimistic outlook for POPCAT in the near term.

Also, the RSI on the daily chart is currently at 74%, having previously dropped to 59%. An elevated RSI level implies that POPCAT is in overbought territory, reflecting strong buying pressure and heightened enthusiasm in the market. While such high readings may signal potential exhaustion in upbeat momentum, the lack of immediate indications for a pullback shows that bullish sentiment remains strong.

Support And Resistance Levels: Navigating The New Terrain For POPCAT

Support Levels: The immediate support level to watch is the $1.0094 mark, which may act as a psychological level for buyers. Should it fall below this range, the next significant support could be found around the $0.80 mark, serving as a strong base for possible rebounds.

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Resistance Levels: On the upside, the next resistance level can be anticipated at around $1.5, where sellers may emerge to take profits. If POPCAT manages to breach this level, it could lay the foundation for further gains, potentially targeting $2 and beyond.

Featured image from YouTube, chart from Tradingview.com

Vitalik Buterin’s associated Ethereum wallet conducted a large transaction today, divesting a range of meme coins and Tether’s USDT for ETH.

Blockchain data reveals that developers sent these unsolicited meme tokens to Buterin’s wallet throughout the past year.

Why Did Buterin Offload Over $300,000 in Meme Coins?

On October 5, Buterin sold four different tokens, netting 140.67 ETH, worth approximately $341,000. Blockchain analysis platform Lookonchain reported that Buterin sold 11.76 billion Moodeng tokens for 21 ETH (around $51,000) and 70.72 million Neiro for $72,400.

The other assets he sold included 7.8 million Degen for 25 ETH (around $61,000) and 16 billion Kabosu tokens for 22.94 ETH (approximately $56,000). Additionally, Buterin converted his entire USDT balance of 101,000 USDT into 41.69 ETH.

After these sales, another crypto analytical platform, SpotOnChain, noted that Buterin sent 100 ETH (approximately $242,000) to the “Free Alexey & Roman” campaign. This initiative supports the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

It is unclear if the donated funds came from his recent token sales or from other sources. Nevertheless, the move aligns with Buterin’s ongoing practice of converting meme coin holdings into charitable contributions.

Earlier this year, he sold a vast amount of animal meme tokens that were sent to him and donated $532,000 worth of ETH to the Animal Welfare Fund under the Effective Altruism initiative.

Interestingly, one of the tokens the Ethereum co-founder sold recently requested that he donate the proceeds to the same cause.

“Hey, Vitalik Buterin — can we ask you for a favor? We know what you did for NEIRO when you sold. Now that you sold your ITO, could you make the same donation to the Animal Welfare Fund on behalf of ITO?,” ITO wrote on X.

Meanwhile, the Ethereum co-founder has publicly stated his disapproval of receiving unsolicited tokens. While he appreciates contributing to charitable causes, he prefers that meme coin creators allocate tokens directly to charities.

Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder

Buterin also addressed this issue in a blog post, encouraging the crypto community to design meme coins with practical uses, such as charity fundraising, rather than as speculative assets.