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DOGS Leads Crypto Gainers with 21% Spike, Trading Volume Hits $1.9 Billion

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3 months ago

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DOGS, a meme coin based on The Open Network (TON) blockchain, has emerged as the highest gainer after surging by 21%.

This dramatic price jump follows a recently concluded airdrop that has sparked enthusiasm within the Telegram community.

DOGS, inspired by the beloved dog mascot “Spotty” and created by Telegram founder Pavel Durov, has captivated investors and traders alike.

Today, DOGS boasts a trading volume of $1.9 billion and a market capitalization of $765 million, making it one of the hottest tokens in the crypto market.

The token, which has gained widespread attention due to its strong association with Telegram, is now listed on major cryptocurrency exchanges, including Binance, OKX, and Bybit.

The recent airdrop campaign has significantly contributed to its popularity, distributing 440 billion DOGS tokens out of the total 550 billion supply. Of this, 81.5% is allocated to the community with 73% specifically reserved for Telegram’s earliest adopters.

DOGS’ rise to prominence reflects a growing trend among meme-inspired tokens, particularly those connected to large online communities like Telegram.

Unlike other short-lived token surges, analysts suggest that DOGS’ community shows long-term commitment rather than chasing quick profits.

The token’s recent consolidation in price further indicates a stabilizing market position.

The success of the DOGS airdrop, especially in regions like Nigeria, has also fueled its rise. Nigerian crypto enthusiasts have been keen to participate in airdrops following delays and disappointments with other projects.

DOGS’ timely and successful distribution has been a breath of fresh air for these investors.

Data from Coinglass, a leading crypto analytics platform, shows that DOGS’ rally is driven by a 42.6% increase in open interest, reaching $162.49 million, along with a 119.7% surge in trading volume.

However, the weighted funding rate has dropped, signaling a slight decline in bullish sentiment.

Despite this, DOGS continues to gain traction, consolidating its place in the market. The community-driven nature of the token and its association with Telegram have positioned DOGS as a strong contender in the growing world of memecoins.

Currently, the price of DOGS is $0.00148, and analysts predict further growth as the token gains more attention globally.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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