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.
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.
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