As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I have witnessed countless peaks and valleys, bull markets and bear markets, and everything in between. Today, I find myself reflecting on the tumultuous journey of Dogs (DOGS), the flagship memecoin on Telegram’s TON blockchain.
On the Telegram-associated blockchain TON, the value of Dogs (DOGS), a prominent memecoin, has decreased by approximately $260 million due to the ongoing downturn. This drop has also affected several other meme coins experiencing a slump on this particular blockchain.
TON-linked DOGS drops by 30% since Aug. 28 peak
In the past 24 hours, Dogs (DOGS), often referred to as the biggest imitator of Dogecoin (DOGE) on the Telegram’s TON blockchain, experienced a 10% decrease in value. This drop makes it the second-worst performing cryptocurrency among the top 200, according to data from Coingecko.
To date, only ConstitutionDAO’s PEOPLE has suffered greater losses, among the 200 largest cryptocurrencies. Dogecoin (DOGS), initially ranked within the top 100, has since fallen and is still experiencing a steady decline.
On September 2nd, 2024, its price plummeted to a crucial point of $0.001, marking a significant decrease of over 30% compared to its highest point recorded on August 28th.
Five days after the airdrop announcement, it’s worth mentioning that not every account has been successful in claiming the coins. The airdrop for DOGS caused an unprecedented surge in activity on the TON network, leading to the temporary halt of several key TON services due to this increased activity.
Previously reported by U.Today, following the airdrop, Dogecoin’s total market value soared to $900 million, and its trading volume surpassed an impressive $2.5 billion.
TON meme crypto segment bleeding
Starting from July 2024, all Telegram users have had the opportunity to lay claim to DOGS stakes. The distribution of these stakes was based on the number of days each user utilized the Telegram messenger service, without any requirement for active participation or “tap-to-earn” activities to receive the coins.
The plummeting value of DOGS led to a weakening of the entire category of meme coins on TON, causing them to lose momentum. As reported by CoinGecko, this group collectively saw a 14% decrease in market capitalization, while the overall market index is only down by 0.9% today.
Amidst the unpredictability concerning Telegram CEO Pavel Durov’s future, Resistance Dog (REDO) stands alone as the only Ton meme coin experiencing growth today.
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2024-09-02 19:40