Is $DOGS the Next Big Memecoin? All You Need To Know

The K9-based TON memecoin, DOGS, is all the rage right now—and rightly so. Here is what we have to say about DOGS: its background, market performance, effects on the TON ecosystem, effects of Pavel Durov’s arrest, and our projections for its future.

Summary of DOGS’ History

$DOGS Token Launch

$DOGS Current Market Performance

Effects on the TON Ecosystem

Pavel Durov’s Arrest and Its Effect on $TON’s Performance

The Future of DOGS

Summary of DOGS’ History

DOGS, inspired by the dog mascot—Spotty, officially launched on the 11th of July, 2024, announcing their telegram minigame, which qualified users for an airdrop.

DOGS rapidly grew in popularity, reaching 10 million users within only 3 days of launching and a whopping 53 million at the time of the token listing—a feat that can be largely attributed to the accessible nature of the project.

All users had to do was launch the Telegram bot on their Telegram app, which then automatically calculated how long they had had a Telegram account and rewarded them with DOGS points based on their Telegram age. Later on, quick, easy-to-do tasks were added to the minigame to further boost users’ points.

Beginning from the 17th of August, users had the opportunity to claim their tokens to various dex and cex wallets, such as Binance, Bybit, OKX, Bitget, Tonkeeper, Telegram wallet, etcetera.

$DOGS was originally set to list on the 20th of August; the date was then moved to the 23rd of August and then finally to the 26th of August—International Dog Day.

81.5% of its total token supply of 550 billion tokens was allocated to the community, 10% to the team, and 8.5% for listing and liquidity.

$DOGS trading commenced at 12p.m. UTC at a market cap of $400 million+ and the initial price of $0.00055 per token, which then quickly surged by over 100% to $0.0012.

$DOGS Current Market Performance

$DOGS is holding up impressively well for a memecoin, growing by over 150% since its launch, reaching a market cap of $789 million and recording an all-time high of $0.00164 and an all-time low of $0.00117.

Within only a few days of launching, its 24-hour trading volume grew to over $2 billion, a clear indicator of the high community interest and activity.

$DOGS currently goes for a price of $0.00129 per token, sits at a market cap of $670 million, and has a 24-hour trading volume of $120 million.

Since the launch of the DOGS airdrop, the TON blockchain has experienced 2 significant network outages totaling over 10 hours.

These outages, caused by an inability to produce new blocks, are primarily attributed to the large volume of transactions on the network due to $DOGS trading.

The Open Network (TON) is thankfully now back up and fully operational. All TON-based withdrawals and deposits will be processed in the coming days.

Since the announcement of the Telegram CEO, Pavel Durov’s arrest, Toncoin has experienced a decline of over 15%, losing $2 billion+ in market value.

This rapid decline is due to bearish sentiments amongst investors who fear for the future of Toncoin and the TON ecosystem at large.

Despite this, Toncoin shows gradual signs of recovery, gaining 8% since the TON network resumed from its outage.

Hopefully, following the release of Pavel, Toncoin begins to see an upward trend in the market.

$DOGS is a token we believe has a massive deal of potential. Placing number 8 on the memecoin chart, $DOGS outranks several other TON memecoins, which is by no means an easy feat.

DOGS’ ability to hit such significant milestones in the time it did is an attestation to its robust community backing and support.

The DOGS team still has a lot in store for the community and has shown admirable resilience despite the dampening effects of the TON outage and Pavel’s arrest.

In light of this, we predict that $DOGS will grow massively in the coming weeks and become a major player in the cryptocurrency realm.