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The TON-based meme coin, DOGS, quickly gained substantial traction, primarily driven by Telegram users. Inspired by co-founder Pavel Durov’s “Spotty” meme, DOGS has already amassed over 50 million community members. This article delves into the mechanics of DOGS and how to acquire it, especially since it is now listed on major exchanges like Binance.
What is DOGS Coin?
DOGS is a meme coin on The Open Network (TON) that rewarded airdrop hunters on August 26. The coin, influenced by Telegram’s Pavel Durov, swiftly grew its user base through Telegram’s new “mini applications” feature. Airdrop distributions varied, with users receiving between 5,000 and 10,000 DOGS based on their registration date on the app. More tokens could be earned by participating in future reward mechanisms.
How Did DOGS Gain Popularity?
As the first popular meme coin within the TON Coin ecosystem, DOGS achieved significant attention in just two months. Leveraging a task and reward system, the coin encourages community participation while offering rewards. Although DOGS lacks a detailed roadmap, typical for meme coins, its continued growth hinges on the effectiveness of its reward mechanisms.
Key Insights for Investors
Key Insights for Investors:
- Telegram’s vast user base has been a significant driver behind DOGS’ rapid growth.
- The DOGS team received robust support from the TON Coin team, indicating high confidence in the project.
- DOGS airdrop acted as a stress test for the TON network, showcasing its robust capabilities.
- The coin’s name similarity to Dogecoin could boost its popularity and value.
- With 93.95% of the total supply already in circulation, price stability is less likely to be impacted by large releases.
The DOGS token economy is intriguing. The community receives the majority of the initial listing supply, with the team’s allocation being relatively small and distributed gradually over a year. Marketing also holds a significant share, second only to community distribution. Almost the entire maximum supply of 550 billion tokens entered circulation on the first day, minimizing the risk of price pressure from large unlocks. Despite this, the price remains stable in the early days, with simultaneous listings on major centralized exchanges and inclusion in Binance Launchpool underscoring the project’s credibility.
How to Purchase DOGS Coin?
DOGS coin can be bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. Listed on Binance on August 26, 2024, DOGS is available for trading in pairs like DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY. To purchase, one must first register with Binance, transfer fiat or cryptocurrency to their account, and then proceed to buy DOGS using any of the available trading pairs.