The $DOGS token, a meme coin based on The Open Network (TON), was officially released on August 26 at 7:00 PM WIB. The token is now available for trading on several top centralized exchanges (CEX) such as Binance, Bybit, OKX, Bitget, and Gate.io.
According to data from CoinMarketCap, the price of $DOGS dropped by 23% within just a few hours after listing, plunging from an initial price of around $0.0018 to $0.0012.
Despite this, $DOGS managed to secure a significant market capitalization of $632.8 million, placing it at 98th among the top 100 largest crypto assets. Additionally, the coin ranked seventh in terms of trading volume, with total transactions reaching $2.013 million.
The $DOGS price drop was widely anticipated, as the token’s listing aligned with the airdrop distribution schedule, which often triggers a significant sell-off from airdrop winners eager to cash in their tokens.
High Demand Causes Technical Issues
Several exchanges, including Bybit and Binance, reportedly experienced technical issues that hindered users from buying or selling $DOGS tokens, especially due to high traffic shortly after the listing.
In addition, airdrop winners who chose to claim their $DOGS tokens via the Telegram Wallet also reported difficulties in conducting peer-to-peer (P2P) trading or swapping their tokens. The Wallet team has confirmed that the release of $DOGS generated tremendous excitement within the community, and the related features are now fully functional.
$DOGS is a new meme coin built on the TON network. The coin’s mascot is inspired by the popular meme dog character named Spotty, created by Telegram CEO Pavel Durov. The $DOGS app was first launched through a mini-app on Telegram in July, allowing users to collect $DOGS tokens by completing a series of missions.
In its Dogenomics, the total supply of $DOGS is set at approximately 550 billion tokens. A total of 81.5% of the supply is allocated to the community, with 73% of that supply, or around 400 billion $DOGS tokens, being distributed through airdrops. At the moment, about 42.2 million users qualify to receive the airdrop.
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