Crypto’s DOGS Token Surges Amid Market Volatility
In the midst of a volatile market, DOGS, a token on The Open Network (TON), experienced a significant price increase. The meme coin, which features a dog mascot known as “Spotty” and was created by Pavel Durov, the founder of Telegram, saw a surge of 34% in its value. This surge, despite the market’s turbulence and TON’s recent technical issues, pushed the token’s market cap over $800 million, garnering the attention of investors.
TON-Based Memecoin Takes The Market By Storm
DOGS, a meme token built on TON, revolves around a dog-themed mascot named “Spotty,” pioneered by Telegram’s creator, Pavel Durov. Recently, the project unveiled a substantial airdrop and its listing on major cryptocurrency exchanges, such as Binance, OKX, and Bybit.
- 440 billion tokens allotted to eligible users out of the 550 billion total supply
- 81.5% of DOG tokens earmarked for the community, with 73% specifically for “Telegram Ogs”
- 4.5% designated for traders, sticker creators, and prospective community participants
- Allocation of 10% for the project team and future development, alongside 8.5% for liquidity provision
Following its August 26 listing, multiple crypto exchanges encountered technical glitches due to an overwhelming surge in user activity. The substantial on-chain action briefly disrupted exchange operations.
Critically, the increase in activity also impacted the functionality of the Telegram Wallet. As announced on the Wallet’s Telegram channel, the platform’s exchange feature briefly became unavailable, generating tremendous buzz upon launch.
Diverse Allocations And Technical Challenges
- DOGS reserves allocated for the project’s team, liquidity provision, and listing events
- Technical issues reported by exchanges post-listing due to heightened user activity
- Telegram Wallet experienced temporary challenges amid the surge in demand
- Ton Foundation highlighted network challenges attributed to DOG’s transaction volume
DOGS Emerges As Top Performer
Despite market retractions on Tuesday leading to a more than 7% industry downturn, DOGS stood out by maintaining its value amidst adverse conditions. While major cryptocurrencies experienced declines, DOGS, dubbed the new meme coin sensation, held firm within the $0.00115-$0.001125 price range.
Notably, the token displayed resilience during the market dip and subsequent recovery, witnessing favorable price movements following network stabilization.
Impressive Growth And Market Position
- DOGS registered a 33.6% price surge on Wednesday, becoming the highest gainer among the top 100 cryptocurrencies
- Achieved a market cap exceeding $843 million, ranking as the 92nd largest token by market capitalization
- Despite a slight retracement, the token’s market cap stabilized at $800 million, with a trading price of $0.00159
Hot Take: DOGS Shines Bright Amidst Market Fluctuations
The DOGS token’s impressive surge and resilience in the face of market challenges emphasize its growing popularity and potential for investors. With a strong market cap and notable price movements, DOGS continues to capture the attention of the crypto community, positioning itself as a promising contender within the digital asset space.
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