TON-Based Memecoin DOGS Becomes Top 100 Largest Gainer With 30% Jump
29 Agosto 2024 - 1:00AM
NEWSBTC
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. Related Reading: XRP Remains Strong Despite Market
Pullback: Analyst Forecasts $500 By 2025 TON-Based Memecoin Takes
The Market By Storm 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 announced 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 explained 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 highlighted 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. Related Reading:
RENDER Soars 30% In A Week, Here’s Why Experts Forecast A Massive
Pump 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. Featured Image from X.com,
Chart from TradingView.com
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