- DOGS, a new community-driven meme coin, has hit a snag on its launch.
- The maximum limit of DOGS issued as reward tokens via Telegram bots is 550B.
- A savvy investor made $77,000 on the day the coin was listed.
A new meme coin called DOGS raised eyebrows with its massive on-chain activity on the day it was listed on multiple exchanges. Listed on Binance on August 26, 2024, DOGS soared 124% to hit an all-time high of $0.001733 by the afternoon of the same day.
After facing a market correction of over 20%, DOGS recorded a massive trading volume of $1.75 billion in 24 hours. Interestingly, some crypto traders managed to capitalize on DOGS just before it was listed on Binance and Bybit simultaneously, as the dog cryptocurrency was available for trading on decentralized finance (DeFi) platforms.
DOGS, hiccups on listing day
Debuting as the 57th Binance Launchpool project on Binance, DOGS faced unusually high on-chain activity as crypto enthusiasts rushed to cash out their airdrop on the TON blockchain. Until August 18, 2024, crypto enthusiasts on Telegram could interact with the DOGS house bot to earn instant rewards based on their profile activity.
The TON-based token, inspired by Spotty the cartoon dog, a character created by Telegram CEO Pavel Durov, saw up to 150,000 requests per minute. The tsunami of user activity on launch day extended beyond The Open Network, where the coin is hosted.
Binance and Bybit reported service outages due to higher than expected activity. During the surge in activity, Binance temporarily suspended Toncoin deposits and withdrawals, but service was restored a few hours later.
Meanwhile, Bybit issued a statement citing an unexpected surge in activity as the main reason for the slowdown and promised to increase server capacity to meet the increasing demand.
How a Trader Earned 420%
In a smart move discovered by crypto intelligence platform LookOnChain, a trader used 3,271 Toncoins to buy 55.9M DOGS at $0.00013 a few hours before Binance listed it. The trader later sold the 20M DOGS he bought for 6,150 TON. The trader deposited the remainder on Bybit, making a net profit of $77.3K.
The initial listing date was August 20, 2024, but the deposits requested by 6 million verified Telegram users have been postponed as the DOGS developer team extended the DOGS airdrop claim deadline to August 23, 2023.
At the time of writing, DOGS is challenging the top 100 cryptocurrencies with a global market cap of $633 million. According to CoinGecko, DOGS, which faced an 11.1% market correction the day after its listing on Binance and Bybit, is currently trading at $0.001224.
On the other side
- The move by smart money traders to buy DOGS meme coins at a discounted price just before they were listed on two major centralized exchanges has raised suspicions among the X audience that they may be insiders.
Why this matters
A fair-launched community meme coin allocates most of its tokens to the community through airdrops, putting the project in the hands of cryptocurrency enthusiasts.
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