My take on this (TLDR at the end):
I want the TON Foundation wallets to evaporate. Anything from the past needs to go. Tokens need to be sold, liquidity needs to be pulled.
@durov has made it very clear that he and
@telegram have taken over the TON blockchain.
Now, there are two potential outcomes:
1. The least likely outcome:
@durov and
@telegram stay uninvolved in memecoins.
In this scenario, there’s still no reason for
$UTYA not to run. It remains a globally recognizable meme, the mascot of an app used by a billion people, etc. It’s featured in every Telegram update, most recently in Telegram’s new, in-app non-custodial wallet that will be rolled out in the following weeks. It will forever be the number one memecoin on TON. The fact that
@durov or
@telegram COULD get involved in the future is an amazing catalyst, not a necessary one.
2. The most likely outcome:
11 months ago in his appearance on the Lex Friedman podcast,
@durov was fascinated while talking about the success of
@telegram NFTs.
@telegram sold Plush Pepe NFTs for $30, and a year later, one of them sold for $300,000. Since then, millions of dollars worth of these NFTs are traded every week and they remain the NFTs with the highest amount of utility in the world.
@durov has since been incredibly involved in the NFT community, and recently he joined the Plush Pepe Club, the most exclusive NFT group in all of
@telegram.
My point is, I highly doubt
@durov was a fan of NFTs before
@telegram launched their own collection. I also doubt
@durov is a fan of memecoins in general.
The truth is,
@durov knows that embracing memecoins is the number one catalyst for growing
@telegram, and at the end of the day, he needs
@telegram to expand, especially in The West. The best way to do that? Support and embrace memecoins himself. I can guarantee you
@durov and his team are closely watching how things are going with Robinhood.
TLDR:
TON Foundation wallets exiting is a good thing. I’m very confident that
@durov and
@telegram will embrace memecoins on their own in the future. The narrative hasn’t changed, liquidity is simply rotating to what’s popular right now (Robinhood memes). Generational buy and hold opportunities with Telegram memecoins.