As an analyst with over two decades of experience in the crypto market, I’ve seen my fair share of memecoins that have come and gone. However, the recent surge of DOGS, the TON-based memecoin centered around “Spotty,” has piqued my interest.
In contrast to challenging market circumstances, the value of Dogs (DOGS) experienced a substantial increase by 34% over the past day. This cryptocurrency, which operates on The Open Network (TON), rose in value despite the turbulence and a recent outage on the blockchain. This impressive performance elevated its price to surpass a market cap of $800 million, igniting optimism among investors.
TON-Based Memecoin Takes The Market By Storm
Dogs is a meme-inspired cryptocurrency with a canine mascot named “Spotty,” developed by Telegram’s creator, Pavel Durov. Recently, the project has announced a significant airdrop and plans for listing on prominent cryptocurrency exchanges such as Binance, OKX, and Bybit.
In simpler terms, the distribution of DOG tokens will include 440 billion tokens (approximately 81.5% of the total 550 billion supply) to eligible users. A large portion, about 73%, is earmarked for active members on Telegram who previously earned DOGs within the app.
4.5% of the total supply will go to incentivize traders, designers of stickers, and new community members joining in the future. Meanwhile, 10% has been set aside for the project’s team and future advancements, with another 8.5% reserved for liquidity on centralized and decentralized exchanges as well as events related to listings.
Following the listing on August 26th, numerous cryptocurrency platforms encountered technical difficulties as a result of unusually heavy user engagement that was unlike anything they had experienced before. This excessive on-platform activity momentarily hindered the smooth functioning of these platforms.
In my analysis, I noticed that the surge in activity had an impact on our Telegram Wallet. As communicated via our Telegram channel, the influx of users during the launch resulted in a buzz that momentarily made the exchange feature inaccessible.
According to the DOGS Community channel, the launch caused significant issues with the TON infrastructure, which led to an overflow on August 27 during the airdrop. The community stated that this overload resulted in a disruption of block production for around seven hours within the TON blockchain.
According to the TON Foundation, the excessive amount of transactions processed by DOG led to network congestion. In just the past two days, the network handled more than 20 million transactions, causing a backlog that overwhelmed several validators, disrupting their ability to maintain consensus for an extended period.
DOGS Becomes The Largest Gainer In 24 Hours
On Tuesday, the troubles within the TON network coincided with a market pullback, leading the entire industry to plummet by more than 7%. This crash pushed Bitcoin (BTC) below its $60,000 support level, causing it to drop down to the $58,000 range.
Despite other cryptocurrencies experiencing a dip due to unfavorable market circumstances, DOGS displayed remarkable resilience and remained unaffected by the volatility. As observed by Altcoin Sherpa, the token appeared relatively stable during this volatile period.
Despite all the chaos, this latest memecoin trend stabilized within the price bracket of $0.00115 to $0.001125. After the network recovered, the token experienced an uptick in its price movement.
Dogs experienced a significant 33.6% increase in value during Wednesday’s early hours, moving from $0.00125 to between $0.00167. This impressive surge made it the top performer among the top 100 cryptocurrencies over the past 24 hours.
Moreover, it surpassed a market capitalization of over $843 million, placing it as the 92nd largest token by this measure. Since that time, the cryptocurrency has experienced a correction to a market cap of $800 million and a current trading price of $0.00159.
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2024-08-29 07:16