NOIDA (CoinChapter.com)—DOGS is a new meme cryptocurrency closely tied to the Telegram community. Operating on the TON blockchain, DOGS aims to go beyond the meme coin label and become a ‘promising utility‘ within Telegram’s ecosystem.
The token has a total supply of 550 billion tokens, with its initial circulation of 516.7 billion representing nearly 94% of the total supply. Despite its ambitious goals, little is known about the developers behind the project, raising questions about transparency.
The token’s rapid listing on major exchanges and large airdrop could potentially cause volatility in its early trading days.
DOGS Price Action
Prior to launching on centralized exchanges like Binance, the DOGS token traded on decentralized exchanges like DeDust.
The token’s price action was bookish, with a spike following the Binance news and the prospect of listing across other exchanges.
If the rally fails, the TON-based memecoin’s price risks a drop to the support near $0.0000037 and $0.00000214. However, should the token continue its uptrend, the DOGS/USD trading pair price would face resistance near $0.0000058 and $0.00000712.
The bullish price action could lead to profit booking risks once the token goes live on exchanges, which would be very bad for the token.
Recent Listings and Exchange Participation
Binance led the charge in listing the DOGS token, introducing it to its Launchpool platform on August 23, 2024. Users can stake BNB and FDUSD to farm DOGS tokens over three days, with the official trading scheduled for August 26.
Binance’s involvement provides significant exposure to DOGS, but the rushed timeline and lack of developer transparency may raise investor concerns.
Following Binance, DOGS will be listed on severalother major exchanges, including OKX, KuCoin, Bitget, and Gate.io. The widespread availability across these platforms suggests strong community interest but hints at a potential sell-off risk.
Over 400 billion DOGS tokens will be airdropped to eligible users, coinciding with its listing. While indicative of robust demand, this massive distribution could flood the market with supply, driving down the price post-launch.
Bitget went a step further by offering a gas-free airdrop and zero transaction fees for DOGS/USDT trading until August 27. The promotion includes a 1 BTC reward for participants. However, the absence of clear information about the DOGS development team and the significant number of tokens being airdropped may pose risks for long-term value retention.
The token’s success hinges on continued utility within the Telegram ecosystem and sustained community engagement, but these factors remain uncertain as the token enters the broader market.
