TON hasn't shown any downward trend yet. The overall trend reminds me of Sol's rise from 10u. I've recently started researching TON's on-chain tokens to see which ones are performing well, hoping to catch a new alpha in the future. Yesterday I saw a tweet saying, "Buy ETH if you don't understand it, buy base tokens if they have a big name, buy Sol tokens with many bundles, buy BSC tokens with lots of spats." I think the point is valid, even if it's crude. Each chain has its own aesthetic preferences. ETH is an emerging innovative concept; base tokens need official endorsement; Sol tokens need hype and market manipulation; BSC tokens prefer narratives associated with CZ and Heyi. TON is no exception. Based on the tokens with relatively high market capitalization on TON, I've summarized TON's current aesthetic: 1. The Telegram ecosystem is the core narrative -NOT (Notcoin), CATI (Catizen), DOGS — all Telegram bot/mini app game tokens -BLUM — Telegram's built-in exchange/airdrop platform Airdrop tokens were TON's earliest narrative, all on the Telegram mini-program. These tokens are relatively old. 2. Memes are generally animal-based with simple narratives: - 🐶 DOGS, TDOG, NOTDOGE - 🐱 CATS, CATI - 🐤 UTYA (duck), DUCK - 🐟 FISH It can be seen that these meme tokens have simple and easy-to-remember names without particularly complex narratives. 3. DeFi-related infrastructure: - STON (http:/STON.fi DEX) — Highest market capitalization, best liquidity - DUST (DeDust DEX) - STORM (Storm Trade derivatives) - STONKs (trading bots) DeFi tokens are relatively stable, but currently have much less on-chain infrastructure compared to other chains, suggesting potential for future growth. In summary, when selecting TON tokens in the future, consider these aspects: Telegram-based mini-apps/airdrop expectations/animal-based names with simple names/official connections. TON's recent surge is attributed to Telegram. By focusing on the core connection with Telegram, future investment targets will at least be on the right track. As for current events, political narratives, and innovative mechanisms, those will undoubtedly remain the domain of EVM and SOL.