DOGS Meme Coin Jumps into Top 100 Cryptos and Ruins TON Blockchain

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As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I must admit that the rapid rise of DOGS (DOGS) has caught my attention. The meme coin, which was just an intriguing footnote 24 hours ago, is now among the top 100 cryptocurrencies by market cap and the seventh most traded asset.

Speaking of DOGS (Dogecoin), the highly anticipated meme-based cryptocurrency that debuted on the TON blockchain recently, was distributed to Telegram users and listed on various cryptocurrency exchanges just yesterday. So, what kind of milestones has it accomplished since then?

$2,500,000,000: DOGS hits crucial trading volume milestone 24 hours after release

24 hours ago, the meme coin DOGS (Dogs on TON) made its debut on centralized crypto exchanges and celebrated its airdrop, and it has already become the seventh most actively traded cryptocurrency. According to CoinMarketCap, over $2.5 billion worth of DOGS were traded in its first day on these exchanges.

DOGS Meme Coin Jumps into Top 100 Cryptos and Ruins TON Blockchain

At the height of its growth, its market value nearly surpassed $900 million, outpacing established cryptocurrencies like Flow (FLOW), BitTorrent (BTT), and even the popular TON-based currency Notcoin (NOT).

Instead of popular “tap-to-earn” coins like HMSTR, DOGS did not necessitate its community to complete any tasks in order to qualify for the airdrop. In mid-July, the opportunity to claim DOGS was open to all Telegram users. The distribution of DOGS allocations was based on the length of time each user spent utilizing the Telegram messaging service, with longer usage periods resulting in greater allocation amounts.

Yesterday’s airdrop put a strain on the TON blockchain and certain applications like the Wallet and Tonkeeper, causing them to operate more slowly due to the increased demand.

Dogs were added to multiple major cryptocurrency exchanges such as Binance, OKX, Gate.io, Bitget, and Bybit. Following this addition, the price dropped by 25% before settling around $0.0012 per coin.

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According to certain estimates, an average airdrop, when correctly claimed and instantly sold, could yield its recipient between $5 and $15.

Nevertheless, despite the confusion within the community due to technical problems and numerous fraudulent imitations of DOGS, the token still found its way into the list of top 100 cryptocurrencies by market capitalization.

Currently, DOGS stands as the 96th largest cryptocurrency, boasting a market cap of approximately $630 million. Additionally, it ranks among the top 10 meme coins. Yesterday, its significant growth caused Cat in a Dogs World (MEW) to step down from the exclusive club.

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2024-08-27 17:09