As a seasoned analyst with over two decades of market observation under my belt, I must admit that the recent events surrounding ‘Resistance Dog’ (REDO) and Toncoin have piqued my interest. The meteoric rise of REDO following its selection as the official avatar for Toncoin is reminiscent of the early days of Dogecoin – a memecoin that defied all odds to become a household name in the crypto world.
In simpler terms, the popular memecoin known as ‘Resistance Dog’ (REDO) saw a significant surge of approximately 140%, following its selection by developers as the representative image for Toncoin on various online communities within the blockchain.
As a researcher involved in the Ton ecosystem, I’m excited to be part of the broader initiative by Ton developers. This initiative involves updating the memecoin’s avatar to reflect the “DigitalResistance” movement. The new avatar now showcases a white cartoon dog donning a hood, replacing the previous Ton blockchain logo.
The team behind Ton’s core development made known their choice to use the ‘Resistance Dog’ emblem across their official platforms like Telegram and X (previously Twitter). This move was spurred by the arrest of Pavel Durov, founder of Telegram and a key player in the Ton blockchain, in France over the weekend.
Today, we align ourselves with Pavel Durov, the inventor of Telegram.— TON Society 🆓 (@ton_society) August 25, 2024
On Monday, the development team expressed that as a show of solidarity with DigitalResistance, they will be revising Toncoin’s logos and profile images found within TON Community platforms to represent the worldwide symbol of Digital Resistance – The Resistance Dog.
Following the announcement, the value of REDO soared, rising dramatically from approximately 0.35 dollars to more than 0.85 dollars before leveling off at around 0.63 dollars, as indicated by Dexscreener data. The market capitalization of this token now amounts to roughly 65 million dollars.
According to statements made by the Tribunal Judiciaire de Paris, Durov’s detention in France is linked to an ongoing cybercrime investigation. The allegations against him involve offering services and tools, as previously reported, Telegram has faced criticism for not doing enough to assist law enforcement with content moderation.
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2024-08-27 15:00