As an analyst with a rich background in the cryptocurrency market and a keen eye for trends, I find myself intrigued by the sudden surge of DOGS, a meme-inspired token on the TON blockchain. Given my experience, I’ve seen numerous crypto projects skyrocket only to plummet just as quickly, leaving investors with little more than memories and lessons learned.
Today, the value of DOGS, a freshly minted cryptocurrency inspired by memes on the TON blockchain, has astonishingly surged. This remarkable increase occurred even within a broader crypto market downturn. In a stunning three-hour span, DOGS experienced a significant rise of approximately 38%, climbing from a low of $0.0012 to a peak of $0.00167.
In my analysis, due to swift price escalation, the novel meme coin in the canine-focused market came extremely close to matching its Binance listing value at approximately $0.0018.
Currently, DOGS stands at a market capitalization of approximately $803 million and a daily trading volume of around $1.56 billion. This positions it as the 75th largest cryptocurrency in terms of market cap and the 9th most traded in terms of daily volume.
In my exploration of the crypto market, I discovered that the TON-based cryptocurrency stood out as a top performer when it comes to price performance, ranking among the leading 100 digital assets.
What is DOGS?
In simple terms, the “DOGS” application made its debut on Telegram around early July. Its main purpose was to award users with “DOGS” tokens based on the registration date of their messenger account and by referring new users via a referral system.
Therefore, given a 11-year lifespan for an account, it would potentially grant approximately 10,000 DOGS tokens. Immediately following this announcement, the creators disclosed their intentions to debut the token and list it among various cryptocurrencies.
The logo for the DOGS app displays the character Spotty, who is known as the informal mascot of the VK social network. This character was designed by Pavel Durov during a charitable auction. Notably, approximately ten years after its creation, the image behind Spotty transformed into a fully-fledged digital asset. In an unexpected turn of events, Durov wound up in a French prison around this same time period.
Coincidentally, the debut of the token occurred two days following the apprehension of the Telegram founder on multiple accusations, primarily stemming from his unwillingness to share private user information with law enforcement.
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2024-08-28 16:57