TON-based meme coin DOGS has become the leading gainer among the top 100 cryptocurrencies by market cap, with a price jump of 21% over the past day.
The recently launched meme coin, designed to embody the spirit and culture of the Telegram community, had a daily trading volume of $2.38 billion and a market cap of $777 million at the time of writing.
DOGS, which features a dog mascot named “Spotty,” was created by Telegram’s founder, Pavel Durov. The project recently announced an airdrop and listing on major crypto exchanges like Binance, OKX, and Bybit.
The airdrop will distribute 440 billion DOGS tokens out of the total 550 billion supply, with 81.5% allocated to the community. This includes 73% reserved for early Telegram users, referred to as “Telegram OGs.”
An additional 4.5% will go to traders, sticker creators, and future community members. The remaining supply is divided into 10% for the project team and development, and 8.5% for liquidity and listing events on exchanges.
Per data from Coinglass, DOGS’ recent price surge is backed by a 68.5% increase in open interest, now at $164.26 million, and a 139% rise in trading volume. This shows more traders are betting on price changes, likely leading to higher volatility.
However, the weighted funding rate has dropped from 0.0144% to 0.0087%, signaling lower demand for long positions. Traders seem less willing to pay a premium, hinting at reduced confidence in further price gains.
At present, DOGS’ price is consolidating within a narrow range, a process that took Notcoin, another TON-based community-driven token, a week to achieve. The quicker stabilization might suggest that the DOGS community is less focused on short-term gains.
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While rising open interest and the jump in trading volume suggest strong market interest, the drop in funding rates points to less certain bullish sentiment. If traders start closing positions, it could trigger more volatility and possible market corrections.
$DOGS didnt really move amidst all the volatility. I bought moredid binance really list this thing just to see it dump right out the gate like the starknet bs? I don't think so. pic.twitter.com/3MyeVhvy2S
— Altcoin Sherpa (@AltcoinSherpa) August 27, 2024
However, analysts caution that there remains a risk of increased selling pressure as the community continues to assess the token’s long-term potential.
Read more: TON blockchain resumes operations following DOGS fuelled outage
