The cryptocurrency market has witnessed an impressive launch of the DOGS token on The Open Network (TON) blockchain. This new meme coin has made waves in the crypto community, achieving an impressive $2 billion in trading volume on its first day.
Such a debut places DOGS in direct competition with established cryptocurrencies. Its first-day trading volume rivaled that of Solana, a major player in the blockchain space. Furthermore, DOGS doubled the launch day volume of Notcoin, another notable cryptocurrency.
The token's performance was particularly striking when compared to other popular meme coins. DOGS' daily volume quadrupled the average daily trading of Dogecoin (DOGE), while also surpassing the peak volumes of both WIF and FLOKI. Data from CoinMarketCap confirms that DOGS has exceeded the all-time high trading volumes of both WIF and FLOKI.
This strong market entry suggests that DOGS has quickly captured the attention of crypto traders and investors, potentially signaling a shift in the meme coin landscape. However, what is DOGS about, and who is behind this project?
Inspired by “Spotty”
DOGS, a new meme coin on the Telegram ecosystem, has made a significant impact in the cryptocurrency market. Built on The Open Network (TON) blockchain, DOGS is inspired by "Spotty," a mascot created by Telegram founder Pavel Durov.
Providing utility within the Telegram platform
What sets DOGS apart from other meme coins is its tangible utility within the Telegram ecosystem. Operating on the TON blockchain, DOGS distributes the majority of its tokens to long-standing, active Telegram users, with rewards based on account age and engagement levels.
The DOGS team has ambitious plans to expand functionality within the messenger, including the introduction of meme stickers that users can mint and trade on-chain, as well as customizable content.
Tokenomics
With a fixed supply of 550 billion DOGS tokens, the project's "Dogenomics" allocates a significant 81.5% to the community.
Of this, 73% is earmarked for long-time Telegram users, while the remainder is distributed among traders and future community members. The absence of locks or vesting periods allows users to freely trade or utilize their DOGS immediately following the airdrop.
The DOGS team has reserved 10% of the total supply for internal use and future development, with a substantial portion locked in a 12-month vesting period to ensure long-term commitment. Additionally, 8.5% of the tokens have been set aside to provide liquidity across both centralized and decentralized exchanges, as well as to support listing activities.
Why is DOGS popular?
DOGS, a memecoin native to the Telegram platform, has gained significant traction in the cryptocurrency space for several reasons.
Seamless Telegram integration
Its seamless integration with Telegram offers a frictionless experience through its dedicated mini-app. This app allows for quick onboarding and immediately rewarding users with DOGS tokens based on their Telegram account age. These features set it apart from other mini-apps that often involve cumbersome verification processes.
Community-focused
The project's community-driven approach has contributed to its rapid growth. DOGS boasts an impressive following, with over ten million subscribers on its Telegram channel and more than two million followers on its official X (formerly Twitter) page.
This massive and engaged community has moved DOGS to the forefront of Telegram-based meme coins.
Focus on charity
DOGS has demonstrated a commitment to charitable causes. The team's initiative to donate all proceeds from the Stars feature within their mini-app resulted in a substantial contribution of over $300,000 to orphanages and children's homes.
Do your own research
DOGS, despite its impressive debut, has encountered some market volatility typical of new cryptocurrency launches. Following its initial listing on open markets, DOGS experienced a price decline of approximately 25%. This dip, while significant, was less severe than the 60% drop seen by Notcoin (NOT) during its early trading days.
Several factors contributed to this price adjustment. One notable influence was the uncertainty surrounding Telegram's future, which had a ripple effect on all Telegram-associated tokens. The DOGS team suggested that without this external event, the price decrease might have been less pronounced.
It's worth noting that such price fluctuations are not uncommon in the cryptocurrency market, especially for newly launched tokens. Notcoin, for instance, stabilized within a week of its initial drop. DOGS appears to be following a similar, albeit less extreme, pattern.
This market behavior underscores the inherent volatility of cryptocurrency investments. While DOGS has shown resilience compared to some of its predecessors, it's crucial for potential investors to approach it with caution. As with any investment in the crypto space, thorough research and careful consideration of the risks involved are essential before making any financial commitments.
The DOGS experience serves as a reminder of the dynamic and often unpredictable nature of the cryptocurrency market, highlighting the importance of informed decision-making in this rapidly evolving financial landscape.