Dogs (DOGS), a flagship memecoin on Telegram-linked blockchain TON, has seen $260 million of its capitalization erased by the ongoing drop-down. It is followed by dozens of meme coins going through a recession on this blockchain.
TON-linked DOGS drops by 30% since Aug. 28 peak
Dogs (DOGS), the largest Dogecoin (DOGE) copycat on Telegram's TON blockchain, registered a 10% price drop in the last 24 hours. So far, this is the second worst result in the top 200 of all cryptocurrencies, according to Coingecko's data.
Image by Coingecko
So far, only ConstitutionDAO's PEOPLE scored worse losses, among all of the 200 largest cryptocurrencies. Dogs (DOGS) lost its place in the top 100 ranking and continues plummeting.
Today, Sept. 2, 2024, its price dropped to a critical level of $0.001, which is more than 30% lower than its peak witnessed on Aug. 28.
It should be noted that in five days since its airdrop announcement, not all of accounts are able to claim coins. DOGS' airdrop triggered an unmatched spike in TON network activity that resulted in the outage of TON's major services.
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As covered by U.Today previously, immediately post-airdrop, DOGS' capitalization jumped to $900 million, while trading volume eclipsed $2.5 billion.
TON meme crypto segment bleeding
Since July, 2024, DOGS' claim was open for all Telegram users. DOGS stakes were distributed proportionally to the number of days this or that user spent using Telegram messenger, with no "tap-to-earn" activity being necessary to claim coins.
DOGS' price collapse caused the entire segment of TON's meme coins to lose traction. According to Coingecko, this cohort lost 14% in capitalization, while the market benchmark is -0.9% today.
Resistance Dog (REDO) is the only Ton meme coin in the green today, amid the uncertainty about the fate of Telegram CEO Pavel Durov.
