beincrypto.com
The crypto market witnessed another volatile event as DOGS, a new meme coin born on Telegram, experienced a dramatic drop. Within hours of its listing on prominent exchanges such as Binance, OKX, Bybit, and others, the coin plunged 25%.
The sentiment amongst the DOGS airdrop winners has been mixed. Some are celebrating the airdrop, while others are unhappy with the listing price.
DOGS Make it to Top 100 Crypto List
Generally, during a token generation event (TGE), there is a sell-off, as airdrop winners cash out. Hence, the price of DOGS declined sharply.
Despite this steep decline, DOGS maintains a hefty market capitalization of over $614 million. As of writing, it has secured its place among the top 100 crypto assets based on market capitalization.
Amidst this dramatic entrance, DOGS debuted with a trading volume that soared past $631 million. Consequently, it ranked 15th among all cryptocurrencies. This trading activity sheds light on the interest that investors and traders have in the meme coin.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
Apart from price volatility, this listing had many hiccups. Due to the surge in traffic, several major crypto exchanges, including Binance and Bybit, faced technical difficulties.
“The DOGS release has created quite a buzz! Several crypto exchanges, as well as Wallet (albeit partially), are running less smoothly than usual. Our exchange feature is temporarily unavailable, but don’t worry — we’re working hard to resolve this and get everything back to normal soon,” the Telegram wallet posted.
Furthermore, the listing of DOGS exhibited irregularities; notably, the meme coin began trading on MEXC about 30 minutes earlier than on other platforms. This early start resulted in a price premium on MEXC.
“On the MEXC exchange, it opened at 10x the launch price and is still sitting at 3x. It was a good opportunity for sellers but a bad situation for buyers, as buyers could buy it on Binance at one-third of the price,” crypto enthusiast Aykut commented.
Token Distribution
The origins of DOGS trace back to “Spotty,” a mascot conceived by Telegram founder Pavel Durov. The coin gained momentum, especially after its inclusion in Binance’s 57th Launchpool. Initially set for an August 20th release, the listing was delayed due to overwhelming demand from the community.
The meme coin offers tangible utility within the Telegram ecosystem. It operates on the TON blockchain and rewards its long-standing, active users based on their age and account activity. Looking ahead, the DOGS team plans to introduce meme stickers that users can mint and trade on-chain, along with customizable content.
The DOGS project boasts a fixed supply of 550 billion coins. “Dogenomics” allocates 81.5% of these tokens directly to the community. Of this, 73% is reserved for long-standing Telegram users, with the remainder distributed among traders and prospective community members.
Importantly, there are no locks or vesting periods, allowing immediate trading or use of DOGS post-airdrop.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
In terms of token distribution, the team has reserved 10% for themselves and future developments. Most of these tokens are locked in a 12-month vesting period. Additionally, 8.5% of the total supply is earmarked for enhancing liquidity on both centralized and decentralized exchanges and for other listing activities.