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TON Rollercoaster: A Tale of VC, Exchange, and FOMO Fiesta
Original Title: "The Rise and Fall of TON: A Narrative of VC, Exchanges, and Traffic Frenzy — Starting from the Detainment of Yescoin's Founder"
I. The "Destined Cycle" Between Yescoin and TON
Recently, the founder of Yescoin was taken away by the Uncle with a Hat, causing a stir on Twitter. Just a month ago, Zhang Chang was still updating his entrepreneurial reflections, and millions of users also played the Telegram clicker game last year.
Following my curiosity, I discovered in the disclosed information a mention of "missing the best issuance opportunity in May 24 years ago," which inevitably reminded me of the TON ecosystem's madness half a year ago.
Back then, VCs and KOLs were shouting, "TON will become the WeChat of Web3," the social media was filled with the myth of "click and get rich instantly," exchanges were rushing to list TON ecosystem projects, and retail investors were madly creating Telegram alts to "participate in airdrops"... And now, Yescoin's predicament is like a mirror, reflecting the parabolic trajectory of the TON ecosystem from its peak to its decline...
II. The Rise: VC, Exchanges, and TG's "Triad" of Hype
1. VC Hype: From narrative to pump-and-dump's precise design. In 2024, Pantera Capital made a high-profile bullish call on TON, positioning it as the "Web3 super app gateway," igniting market sentiment. At that time, TON's on-chain TVL skyrocketed 20 times in two months to $6 billion, surpassing Ethereum in user growth rate. VCs understood the logic of "traffic equals valuation": Telegram's billion user pool was an unreachable "rich mine" for any public chain.
2. Exchange Rush: The "harvesting race" in the traffic oasis. Exchanges like Binance, OKX, quickly sniffed out the business opportunity and rushed to list TON ecosystem projects. Games like Notcoin, Catizen, quickly gained popularity through "zero barriers + social virality." Notcoin surpassed 35 million users, and Catizen attracted 20 million fans in two months, achieving a billion-dollar market cap upon launch. The influx of Telegram users to exchanges resembled the "Pinduoduo-style virality" of the Web2 era, and exchanges needed this "data-driven growth" story for their financial reports.
3. Telegram's "Sunspiracy": Payment and Business Loop Telegram Founder Durov has publicly supported TON multiple times, even launching the embedded wallet TON Space, connecting the "communication + payment + game" loop. Tether issued stablecoins on the TON chain, officially launched a $5 million developer incentive plan, and every step points to the ambition of transforming Telegram's social empire into a crypto economy.
It is precisely this collusion of the three that has driven the heyday of the TON ecosystem.
Early participants who encountered projects like Notcoin and Dogs saw the token price reach $30. This wave also allowed a group of Telegram ID traders engaged in cross-border e-commerce operations to make a fortune, with some making millions of dollars in a single night. It was quite shocking for me at the time: So this is what airdrops in the TON ecosystem are like?
After Binance listed Notcoin and Dogs, the drama finally reached its climax—Binance finally listed TON, with the coin price surging to $8, followed by the listing of several star projects like Catizen and Hmster.
However, as a deep participant in the TON ecosystem, the author also realized a significant issue: the value of airdrops began to rapidly decline after TON was listed on Binance. It was at this moment that I started shorting TON ecosystem tokens, and looking back, this was an incredibly correct decision.
Three, Ebb Tide: Value Collapse after Exhaustion of Traffic
1. User Fatigue: From "Nationwide Carnival" to "Chaos"
In the later stage of the TON ecosystem, the project teams and trading platforms jointly promoted "TON Ecosystem Month," with gameplay still revolving around check-ins, referrals, and gas consumption. However, the trading platforms gradually woke up to reality: the so-called "1 billion user pool" had a conversion rate of less than 1%, and most people only came for airdrops. As the price dropped from a peak of $8 to less than $3, even the most loyal community members began to sell off.
2. VC, Trading Platform Exit: Narrative Collapse and Capital Cashout
Early investors like Pantera quietly reduced their holdings, and the frequency of trading platforms listing TON-related projects plummeted. Analysts who once shouted "TON will surpass WeChat" began to shift their focus to AI and other emerging narratives. Telegram had already earned enough in fees through ecosystem partnerships and became profitable in 2024, leaving only retail investors lamenting at the parabolic K-line chart: What about the promised web3 WeChat?
The project behind the TON ecosystem has expanded from early mini-games like Catizen and Hmster to more and more mini-games and DeFi applications. However, it's essentially just a change of packaging without any substantial innovation.
As a witness and observer, watching the TON ecosystem's valuation go from $1 billion to $100 million and then to a market value of just a few million dollars, Binance did not list any TON ecosystem projects after Hmster. Watching it go from a feast in a grand banquet hall to a collapsed building.
Ending: The Moment of Awakening, Continuing to Chase the Wind
At the beginning of the TON ecosystem, the author purchased 32 TON tokens, hoping to experience Telegram's rise through these 32 TON tokens, becoming a super app like web3 WeChat, and seeing the wallet balance on the TON network appreciate continuously like gold.
But now the dream is over. It has made us see the scythe of VCs, the traffic magic of trading platforms, and the collective madness of human nature under the temptation of sudden wealth. The TON story is not over yet. Perhaps as Durov said, "Telegram will always belong to the rebels."
It's just the next rebellion. It shouldn't be a betrayal of self-rationality. Can you and I sniff the wind earlier than the VCs and press the button faster than the trading platforms?
This article is contributed content and does not represent the views of BlockBeats.
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Source: Overheard on CT (tg: @overheardonct), Kaito
PUMP: Today's discussions about PUMP focus on its new creator revenue-sharing model: the platform will allocate 50% of PumpSwap revenue to token creators, sparking varied reactions from users. Some criticize the move as insufficient or even misleading, while others view it as a positive step the platform is taking to reward creators. Meanwhile, PUMP faces market pressure from emerging competitors like LetsBONKfun and Raydium, which are rapidly gaining market share. Users also express concerns about PUMP's sustainability and potential regulatory risks in the U.S., with discussions extending to the platform's impact on the entire memecoin ecosystem.
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1. "What Is 'ICM'? Holding Up the $4 Billion Market Cap Solana's New Narrative"
Overnight, the hottest narrative in the crypto space has become "Internet Capital Markets," with a host of crypto projects and founders, led by the Solana ecosystem's new Launchpad platform Believe, releasing this phrase. Together with "Believe in something," it has become the new slogan heralding the onset of a bull market. What exactly is the so-called "Internet Capital Market," will it become a short-lived hype phrase like the Base ecosystem's previous Content Coin, and what related targets are available for selection?2.《LaunchCoin Surges 20x in One Day, How Did Believe Create a $200M Market Cap Shiba Inu After Going to Zero?｜100x Retrospective》
LAUNCHCOIN broke through a $200 million market cap today, with the long-lost liquidity and such a high market cap "Memecoin" almost bringing half of the on-chain crypto community CT into the fray. The community is crazily discussing this token, with half of it being FOMO and the other half being FUD. This token, originally issued by Believe founder Ben Pasternak under his personal identity, transformed into a new platform token after a renaming. From once going to zero to a $200 million market cap, what happened in between?May 14 On-chain Fund Flow
Within 24 hours, GOONC's market cap soared to 70 million, could GOONC be the next billion-dollar dog on the Believe platform?
Bitcoin has broken $100,000, Ethereum has surpassed 2500, and is Solana's hot streak about to make a comeback?
The current market is in a state of macro euphoria, with GOONC riding the wave today, skyrocketing 10x in just a few hours, reaching a market cap of tens of millions of dollars, trading volume soaring past 50 million, and rumors swirling that the developer may be from OpenAI (unconfirmed but intriguing enough).
A ludicrous and absurd Solana meme that some actually buy into.
GOONC is a meme coin that has sprouted from the "gooning" subculture, offering no technological innovation or practical use, its sole function being speculation.
It takes inspiration from an NSFW term "gooning," which refers to a person being deeply immersed in certain content (you know what), eventually entering a nearly religious-like trance.
In Reddit (such as r/GOONED, r/GoonCaves) and some counterculture media outlets (such as MEL Magazine in 2020), "gooning" has gradually transitioned from an adult label to a meme-addicted, digital content and virtual self-indulgence synonym, arguably the epitome of Degen spirit.
GOONC is playing around with this concept, packaging the addictive nature, uselessness, and irony of gooning into a tradable financial product. The project team has made it clear: "We do not solve blockchain problems, we only trade absurdity." Blunt but oddly genuine.
GOONC launched on May 13, 2025, using the meme coin launch platform Believe App's LaunchCoin module on Solana. This tool is highly Degen: zero technical barriers, a few clicks to create a coin, perfect for projects like GOONC that can come up with ideas out of the blue.
The mastermind behind GOONC is also quite something and is the most talked-about, with KOL @basedalexandoor on X platform (alias "Pata van Goon") personally involved. His profile even caught the attention of Marc Andreessen, co-founder of a16z, making onlookers unable to resist speculating if GOONC has a hint of OpenAI lineage.
While this 'OpenAI Endorsement' is currently just community speculation, it is definitely a good card to play to fuel hype. Saying "we are pure speculation" on one hand, while tagging a few "AI + a16z" on the other.
GOONC took off as soon as it launched. After its launch on May 13, 2025, its market capitalization skyrocketed to $22 million within 4 hours, with a trading volume exceeding $25.6 million in 24 hours. According to platform data, the first day of trading saw an astonishing +41,100% surge, soaring from $0.0000001 to $0.02, becoming a "missed-the-boat" situation.
GOONC quickly formed an active trading community post-launch, with a lot of discussion and trading signals appearing on X platform (such as the 292x return signal provided by DeBot). Liquidity pools on exchanges like Raydium and Meteora grew rapidly, supporting high trading volumes and price increases.
The real climax occurred between May 13 and May 14, with the market cap rising to $5.5 million in the morning and directly surpassing $55 million in the afternoon. By the 14th, it briefly approached a $70 million market cap, with the trading volume soaring to $59 million. Some community members even posted screenshots claiming an increase of +85,000%, creating a new myth out of the ruins.
As of 1:30 pm on May 14, the price stabilized around $0.039, with a total market cap and FDV both around $39.6 million, and a 24-hour trading volume of $5.43 million. Active platforms include XT.COM, LBank, Meteora, and others.
Although there was a slight pullback from the peak ($0.07), the coin's popularity remains strong. For a coin that relies purely on "irony + community + X post" to thrive, this performance is already at a stellar level.
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PUMP: Today's discussions about PUMP focus on its new creator revenue-sharing model: the platform will allocate 50% of PumpSwap revenue to token creators, sparking varied reactions from users. Some criticize the move as insufficient or even misleading, while others view it as a positive step the platform is taking to reward creators. Meanwhile, PUMP faces market pressure from emerging competitors like LetsBONKfun and Raydium, which are rapidly gaining market share. Users also express concerns about PUMP's sustainability and potential regulatory risks in the U.S., with discussions extending to the platform's impact on the entire memecoin ecosystem.
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XRP: XRP became the focal point of today's crypto discussion, with its significant market movements and strategic advances drawing attention. XRP has surpassed USDT to become the third-largest cryptocurrency by market capitalization, sparking market excitement and discussions about its future potential. The surge in market capitalization and price is believed to be related to increasing institutional interest, deepening strategic partnerships, and its role in the crypto ecosystem. Additionally, XRP's integration into multiple financial systems and its potential as a macro asset class are also seen as key factors driving the current market sentiment.
DYDX: Today's discussions about DYDX mainly focused on the dYdX Yapper Leaderboard launched by KaitoAI. The leaderboard aims to identify the most active community participants, with a total of $150,000 in rewards to be distributed over the first three seasons. This initiative has sparked broad community participation, with many users discussing the potential rewards and the incentive effect on the DYDX ecosystem. Meanwhile, progress on the ethDYDX to dYdX native chain migration and historical airdrop events have also been topics of discussion.
1. "What Is 'ICM'? Holding Up the $4 Billion Market Cap Solana's New Narrative"
Overnight, the hottest narrative in the crypto space has become "Internet Capital Markets," with a host of crypto projects and founders, led by the Solana ecosystem's new Launchpad platform Believe, releasing this phrase. Together with "Believe in something," it has become the new slogan heralding the onset of a bull market. What exactly is the so-called "Internet Capital Market," will it become a short-lived hype phrase like the Base ecosystem's previous Content Coin, and what related targets are available for selection?2.《LaunchCoin Surges 20x in One Day, How Did Believe Create a $200M Market Cap Shiba Inu After Going to Zero?｜100x Retrospective》
LAUNCHCOIN broke through a $200 million market cap today, with the long-lost liquidity and such a high market cap "Memecoin" almost bringing half of the on-chain crypto community CT into the fray. The community is crazily discussing this token, with half of it being FOMO and the other half being FUD. This token, originally issued by Believe founder Ben Pasternak under his personal identity, transformed into a new platform token after a renaming. From once going to zero to a $200 million market cap, what happened in between?May 14 On-chain Fund Flow
Within 24 hours, GOONC's market cap soared to 70 million, could GOONC be the next billion-dollar dog on the Believe platform?
Bitcoin has broken $100,000, Ethereum has surpassed 2500, and is Solana's hot streak about to make a comeback?
The current market is in a state of macro euphoria, with GOONC riding the wave today, skyrocketing 10x in just a few hours, reaching a market cap of tens of millions of dollars, trading volume soaring past 50 million, and rumors swirling that the developer may be from OpenAI (unconfirmed but intriguing enough).
A ludicrous and absurd Solana meme that some actually buy into.
GOONC is a meme coin that has sprouted from the "gooning" subculture, offering no technological innovation or practical use, its sole function being speculation.
It takes inspiration from an NSFW term "gooning," which refers to a person being deeply immersed in certain content (you know what), eventually entering a nearly religious-like trance.
In Reddit (such as r/GOONED, r/GoonCaves) and some counterculture media outlets (such as MEL Magazine in 2020), "gooning" has gradually transitioned from an adult label to a meme-addicted, digital content and virtual self-indulgence synonym, arguably the epitome of Degen spirit.
GOONC is playing around with this concept, packaging the addictive nature, uselessness, and irony of gooning into a tradable financial product. The project team has made it clear: "We do not solve blockchain problems, we only trade absurdity." Blunt but oddly genuine.
GOONC launched on May 13, 2025, using the meme coin launch platform Believe App's LaunchCoin module on Solana. This tool is highly Degen: zero technical barriers, a few clicks to create a coin, perfect for projects like GOONC that can come up with ideas out of the blue.
The mastermind behind GOONC is also quite something and is the most talked-about, with KOL @basedalexandoor on X platform (alias "Pata van Goon") personally involved. His profile even caught the attention of Marc Andreessen, co-founder of a16z, making onlookers unable to resist speculating if GOONC has a hint of OpenAI lineage.
While this 'OpenAI Endorsement' is currently just community speculation, it is definitely a good card to play to fuel hype. Saying "we are pure speculation" on one hand, while tagging a few "AI + a16z" on the other.
GOONC took off as soon as it launched. After its launch on May 13, 2025, its market capitalization skyrocketed to $22 million within 4 hours, with a trading volume exceeding $25.6 million in 24 hours. According to platform data, the first day of trading saw an astonishing +41,100% surge, soaring from $0.0000001 to $0.02, becoming a "missed-the-boat" situation.
GOONC quickly formed an active trading community post-launch, with a lot of discussion and trading signals appearing on X platform (such as the 292x return signal provided by DeBot). Liquidity pools on exchanges like Raydium and Meteora grew rapidly, supporting high trading volumes and price increases.
The real climax occurred between May 13 and May 14, with the market cap rising to $5.5 million in the morning and directly surpassing $55 million in the afternoon. By the 14th, it briefly approached a $70 million market cap, with the trading volume soaring to $59 million. Some community members even posted screenshots claiming an increase of +85,000%, creating a new myth out of the ruins.
As of 1:30 pm on May 14, the price stabilized around $0.039, with a total market cap and FDV both around $39.6 million, and a 24-hour trading volume of $5.43 million. Active platforms include XT.COM, LBank, Meteora, and others.
Although there was a slight pullback from the peak ($0.07), the coin's popularity remains strong. For a coin that relies purely on "irony + community + X post" to thrive, this performance is already at a stellar level.
Currently, the background of the token's development team is not transparent, increasing the potential risk of a rug pull. Rugcheck.xyz warns that the creator of the GOONC contract may have permission to modify the contract (e.g., change fees or mint additional tokens), posing certain security risks.
Community members speculate that the meteoric rise of GOONC may be the "last hurrah".
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