Despite the DOGS token breaking records, a crypto executive has warned that the token’s accessibility could ultimately lead to its downfall in the long run.
On September 10, the TON community page on Telegram announced that 17 million users had claimed the airdrop for The Open Network’s Dogs (DOGS) memecoin. The platform called the event the largest token generation event in cryptocurrency history.
According to the platform, the Dogs Mini app already has 53 million users, 42.2 million of whom are eligible to receive the airdrop.
With 4.5 million unique wallets holding DOGS, a Telegram community account claimed that “the only thing with more holders than DOGS on the Tron and Ethereum blockchains is Tether (USDT).”
While these groundbreaking achievements are impressive, Gracie Chen, CEO of Bitget cryptocurrency exchange, believes memecoins still have challenges to face before they can overtake major meme tokens like Dogecoin (DOGE).
Accessibility is the biggest differentiator
Chen described Dogs’ performance as an “unprecedented benchmark” for the overall market. The executive said the scale of 4.5 million unique wallets in two weeks sets a new record not only for the memecoin space but also for the broader Web3 community.
However, Chen also emphasized that TON’s integration with Telegram has made it much easier for people who are not familiar with cryptocurrencies to participate in the Mimecoin ecosystem. The executive said that this has contributed significantly to the performance of TON-based projects. She explained:
“The social elements of the TON ecosystem, combined with TON mini-apps, facilitate rapid user adoption by removing many of the barriers traditionally associated with blockchain, such as wallet creation and complex transaction processes.”
While it seems like a great way to onboard new users to Web3, Chen noted that many of those users may not have used cryptocurrency before, which the Bitget CEO explained could be a “double-edged sword for the project in the long run.”
Chen suggested that before making predictions about Memecoin, it is necessary to assess how crypto-native Dogs’ audience is. The executive believes that for a project to be successful in the long term, it needs to fully integrate users into the crypto space.
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The top 10 Mimecoins fell 63%.
While new meme coins have been successfully launched on the market, those who hold the largest meme tokens by market cap aren’t so lucky. Blockchain analytics platform Lookonchain reported on September 2 that the top 10 meme tokens have lost an average of 63% over the past year.
Memecoins such as Book of Meme (BOME), Shiba Inu (SHIB), and Dogwifhat (WIF) saw the biggest declines, with all three coins seeing price drops of more than 70%.
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