DOGS Price Expected to Rest on Major Support Amid 502.48 Billion Token Launch
DOGS, a new dog mascot meme coin originally created by the founder of Telegram, focuses on introducing blockchain technology to a wider audience through fun and engaging experiences such as tokenized stickers.
The token has gained traction among similar projects amid its listing on cryptocurrency exchange Gate.io and being launched on Binance’s 57th launch pool.
DOGS investors are set to experience a significant Token Generation Event (TGE) during which 502.48 billion DOGS tokens, representing 91.4% of the total supply, will be airdropped.
The majority of the tokens are allocated to the community airdrop, i.e. 400.02 billion DOGS (72.7%), which aligns with the project’s emphasis on community ownership, potentially increasing user participation and token circulation within the ecosystem.
Additional distribution includes 50.49B DOGS (9.18%) for marketing, 29.89B tokens for liquidity (5.45%), 29.48B DOGS (5.36%) for team, 22B tokens for Binance Launchpool (4%), and 17.9B tokens for advisory (3.27%). Typically, token unlocks of this magnitude can flood the market with a flood of supply, leading to a notable drop in the asset’s value. While the community airdrop can dilute the market significantly, the linear vesting schedules for team and advisory indicate that tokens will be released over time, gradually increasing the circulating supply. Could DOGS Token Jump After Token Unlock? Amid the mid-August sell-off, the price of DOGS found adequate support at the $0.001 level. The psychological level sent the asset up by over 200% to test the resistance at $0.0031. These dynamic movements favor meme coin lovers as the asset class is significantly driven by speculative trading.
