DOGS finds itself at a critical juncture, with its price hovering near the crucial $0.001 support level as the ecosystem prepares for a significant Token Generation Event on August 26th, where an extraordinary 502.48 billion tokens will be released into the market.
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DOGS, a community-centric cryptocurrency built upon the TON Blockchain, seeks to tap into Telegram’s expansive user base and vibrant meme culture. Recently, this token has captivated investors with its dynamic price movements amid a climate of market volatility in August. The forthcoming token unlock of billions of DOGS poses a real risk of a substantial price correction.
🔸#DOGS Braces for a Critical Test of Support as 502.48 Billion Tokens are Set to Release
Emerging as a whimsical meme coin with a charming dog mascot, originally conceived by Telegram’s founder, DOGS aspires to make blockchain technology accessible to the masses through engaging, fun-filled experiences, including tokenized stickers.
The token has recently gained significant traction among similar projects, buoyed by its listing on the Gate.io crypto exchange and its participation in Binance’s 57th launch pool.
On August 26th, DOGS holders will experience a pivotal Token Generation Event (TGE), during which 502.48 billion DOGS tokens, comprising 91.4% of the total supply, will be unleashed.
The majority of these tokens, 400.02 billion DOGS (72.7%), are dedicated to a community airdrop, reflecting the project’s commitment to community ownership and potentially fostering increased user engagement and token flow within the ecosystem.
The remaining tokens are allocated as follows: 50.49 billion DOGS (9.18%) for marketing, 29.89 billion tokens (5.45%) for liquidity, 29.48 billion DOGS (5.36%) for the team, 22 billion tokens (4%) for Binance Launchpool, and 17.9 billion tokens (3.27%) for advisory purposes.
Unlock events of this magnitude often inundate the market with new supply, which can trigger a marked decline in the asset’s value. While the community airdrop could lead to notable dilution in the market, the gradual vesting of tokens for the team and advisors ensures that additional supply will be introduced into circulation over time in a controlled manner.
