The price of DOGS, a newly launched meme-inspired cryptocurrency on the TON blockchain, has skyrocketed today amidst a general cryptocurrency market downturn. DOGS has seen a 38% jump from $0.0012 to $0.00167 in just three hours.
As a result of such a rapid price increase, the new player in the dog-themed meme coin arena has almost reached the Binance listing price of $0.0018.
DOGS currently has an $803 million market cap and $1.56 billion in daily volume, making it the 75th and 9th largest cryptocurrency by these metrics, respectively.
However, in terms of price dynamics, the TON-based cryptocurrency demonstrated the best performance among the 100 largest digital assets.
What are DOGS?
The DOGS app appeared in Telegram in early July. Its essence was to credit the user with tokens of the same name depending on the date of account registration in the messenger and for inviting new users through the referral system.
Thus, for the maximum possible “age” of an account of 11 years, it was possible to receive about 10,000 DOGS tokens. The creators immediately announced plans to launch the token and list it on cryptocurrencies.
The logo of the DOGS app features the character Spotty, an unofficial mascot of the VK social network created by Pavel Durov during a charity auction. Interestingly, about 10 years later, Spotty’s photo became a full-fledged digital asset, and Durov ended up in a French prison.
It so happened that the launch of the token took place on the second day after the arrest of the creator of Telegram on multiple charges, the essence of which boils down to refusing to cooperate with the authorities in disclosing the personal data of users.
