DOGS token entered the stock exchange. Why is it needed and what does Durov's ideas have to do with it
On August 26, trading of the $DOGS token launched on the TON blockchain network began. The token debuted on most major crypto exchanges at a price of $0.0012 and a capitalization of over $600 million. The total trading volume in the first hour after the listing was $420 million, according to Coinmarketcap. This is already the second token on the TON blockchain after Notcoin, around which significant excitement has arisen.
The Dogs app appeared in Telegram in early July. Its essence was to award 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, one could receive about 10 thousand tokens. The creators of Dogs immediately announced plans to launch the token and list it on crypto platforms.
Not just a memecoin
The Dogs app logo features Spotty, an unofficial mascot for the VK social network created by Pavel Durov during a charity auction. Thanks to viral distribution on Telegram, over 10 million users registered in the Dogs app in just three days after its launch. As of August 26, the app has over 50 million users, and the official Telegram channel of the Dogs community has more than almost 18 million subscribers.
Dogs is no longer just a memecoin, but one of the largest communities with millions of users, explains Blum founder Gleb Kostarev, who also acts as an advisor to the project. According to him, the token's listing on exchanges was only the first stage in the team's plans. The project's creators set themselves the task of implementing Pavel Durov's idea of ââintegrating stickers into Telegram, which can be exchanged and traded in the format of non-fungible tokens (NFT). This concept has great potential, and the Dogs project can become a pioneer in this niche, explains Kostarev.
During a speech at the TOKEN2029 conference in Dubai in April, Durov did announce that Telegram would introduce sticker tokenization. Stickers and emojis could become new memecoins, he said at the time, but he did not advertise any specific projects that could implement this first.
The Dogs app announced the ability to trade stickers as NFTs on marketplaces. The most popular NFT platform in the TON ecosystem is Getgems, but at the time of publication, it had not made any announcements related to Dogs.
There is no direct connection between the Dogs project and the core Telegram team, but Dogs receives significant support from both the TON Foundation and such iconic projects for the TON ecosystem as Notcoin or the same Blum.
High demand
The listing of the DOGS token on Binance, OKX, Bybit, Kucoin and other major crypto exchanges took place on August 23 at 15:00 Moscow time. On the same day, starting from 11:00 Moscow time, tokens could be withdrawn to any non-exchange crypto wallets with TON blockchain support.
This was a "real stress test" for the TON network, TON Foundation representatives wrote in their official Telegram channel. According to them, DOGS recipients sent more than 150,000 requests every minute after the opportunity to withdraw tokens to personal wallets opened. According to their estimates, up to 10 million users simultaneously made transactions, creating a significant load on the TON blockchain.
This really manifested itself at the moment of the launch of trading on the exchanges. The websites and applications of the largest platforms like Binance and Bybit periodically gave errors, and the Wallet crypto wallet built into Telegram was forced to officially announce interruptions in its work. Something similar happened during the listing of Notcoin in May. But if at that time this was explained by the first experience of the exchanges listing a token on the TON network and the accompanying technical difficulties, then in the case of Dogs, it was probably an influx of users wanting to buy or sell tokens.
The token can be traded not only on large crypto exchanges, but also on decentralized trading platforms that support the TON network â STON.fi or DeDust. The token can also be exchanged for Toncoin or USDT inside the Tonkeeper crypto wallet.
What will happen to the price of DOGS
"I think that now is a very good time to launch the DOGS token. In general, I don't see any potential for TON to grow, but DOGS has every chance of success. If TON is tied to the success of Durov and Telegram, then the memecoin can do anything and even go against the news," says crypto trader and author of the Age of Crypto Telegram channel Andrey Gorislavko.
The most turbulent period will come after the listing, he notes. Tokens will be given to many farms with bots, which were launched specifically for the purpose of inflating and maximizing the airdrop. Representatives of the project did announce that they were identifying unscrupulous participants, but did not publish specific figures or statistics. According to the team's message on the X social network (former Twitter), the identified accounts were removed from the list of airdrop contenders, and their tokens were frozen on exchanges.
"There will be many weak hands at the start of trading, and the news about Durov's arrest will add fuel to the fire. But when the main sales are over, there is a chance to see a good growth in the rate. Personally, I will monitor the situation and look for a moment to buy DOGS," Gorislavko says.
Dogs has become the second largest project in the TON network after Notcoin, the trader adds. The successful entry of DOGS into the exchanges is unlikely to be repeated by any similar project. According to Gorislavko, the token could become Durov's analogue of Dogecoin for Elon Musk: "DOGS has every chance of becoming the main memecoin in the TON ecosystem. Even with its own market maker and a group of speculators, but a real memecoin, which has no analogues, for example, Solana."
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