The TON chain's current meme hype is most likely just a dead cat bounce. In the past two days, TON's active address count and transaction volume have nearly halved, with 120,000 active addresses—less than 1/10th of Solana's. What's even more absurd is that this meme hype hasn't even produced a single project with a market cap exceeding $1M. Plus, the TON chain has almost no new capital inflow; it's purely a PvP market with existing funds battling it out. Even though it has the backing of Telegram's 500 million daily active users, the actual conversion rate is pitiful—less than 0.03%. And all of this is happening despite Telegram founder @durov officially endorsing TON as Telegram's official chain and going all out to promote it. This is TON chain's biggest problem. Without a "god-making" effect, the retail investors just aren't buying in anymore.