Despite adverse market conditions, dogs (DOGS) saw a significant price jump in the last 24 hours. The token, launched on The Open Network (TON), saw a 34% surge amid the market volatility and the blockchain’s recent outage. Its performance propelled the price to a market cap above $800 million, fueling a bullish sentiment among investors.
DOGS is a TON-based memecoin centered around a dog mascot, “Spotty,” created by Telegram’s founder, Pavel Durov. The project recently announced a massive airdrop and listing on major crypto exchanges, including Binance, OKX, and Bybit.
The DOGS airdrop would offer eligible users 440 billion tokens out of the 550 billion token supply. 81.5% of DOG tokens were allocated to the community, with 73% reserved for “Telegram Ogs, who earned DOGS in the app.”
The remaining 4.5% would reward traders, sticker creators, and future community members. Additionally, 10% of the supply was allocated for the project’s team and future development, while 8.5% was reserved for liquidity on CEXs and DEXs, and listing-related events.
After the listing on August 26, several crypto exchanges faced technical problems due to an “unprecedented surge in user activity.” The high on-chain activity temporarily disrupted the exchanges’ operations.
The activity increase also affected the Telegram Wallet. As on the Wallet’s Telegram channel, the launch “created quite a buzz,” temporarily unavailable the platform’s exchange feature.
The DOGS Community channel said the launch was “melting TON infrastructure.” The airdrop was also linked to TON’s overload on August 27. The community reported that the blockchain disrupted block production for approximately seven hours.
The TON Foundation that the network overload was related to DOG’s massive number of transactions. The network registered over 20 million transactions in the previous two days. This resulted in “garbage collection overloading many of the validators for enough time for them to lose consensus.”
DOGS Becomes The Largest Gainer In 24 Hours
The TON network issues were accompanied by a market retrace on Tuesday, which caused the industry to dip by over 7%. The crash caused Bitcoin (BTC) to lose its support above the $60,000 mark and dive straight to the $58,000 range.
While most cryptocurrencies followed the drop, DOGS remained unfazed by the adverse market conditions. Altcoin Sherpa that the token “didn’t move amidst all the volatility.”
Amid the turmoil, the new memecoin sensation hovered between the $0.00115-$0.001125 price range. The token saw a positive price action following the network’s restoration.
DOGS saw a remarkable 33.6% price jump in the early hours of Wednesday, going from the $0.00125 mark to the $0.00167 price range. After this performance, the memecoin became the largest gainer among the top 100 cryptocurrencies in the last 24 hours.
Additionally, it soared to a market capitalization above $843 million, making it the 92nd largest token by this metric. Since then, the cryptocurrency has retraced to a market cap of $800 million and a trading price of $0.00159.
DOGS’ performance in the two-day chart. Source: DOGSUSDT on
Featured Image from X.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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