The Open Network (TON) based memecoin DOGS which recently concluded an airdrop surged by 21% to become the highest gainer on the list of top 100 crypto assets by market capitalization.
DOGS which is the rave of the Telegram community at the moment has a daily trading volume of $1.9 billion and a market capitalization of $765 million at the time of report.
DOGS, a TON-based memecoin inspired by a Dog mascot named “Spotty” was created by Telegram founder Pavel Durov. The project recently announced an Airdrop and is listed on major exchanges like Binance, OKX, and Bybit.
Airdrop Distribution
The DOGS airdrop campaign will distribute 440 billion DOGS tokens out of the available 550 billion supply. 81.5% of the 440 billion DOGS token would be allocated to the community with 73% reserved for Telegram’s earliest adopters.
An additional 4.5% will go to traders, sticker creators, and future community members. The remaining supply is divided into 10% for the project team and development, and 8.5% for liquidity and listing events on exchanges.
Reason for Surge
According to Data from Coinglass, the industry’s leading resource for liquidations and open interest. DOGS’s latest rally is led by a 42.60% rise in Open interest now at $162.49 with a 119.7% rise in trading volume.
The data shows more traders are betting on price changes resulting in higher volatility for the token.
However, the weighted funding rate has dropped from 0.0144% to 0.0087%, signaling lower demand for long positions.
At the moment DOGS token price is consolidating at a faster and narrower range compared to Notcoin another TON-based meme coin that took weeks to consolidate.
This reveals that the DOGS community motive is not driven by short-term gains according to Analysts.
Analyzing the Coinglass data, A surge in Open interest and trading volume for Dogs signify strong market interest while a drop in funding rates points to less certain bullish sentiments.
DOGS airdrop in Nigeria
DOGS is the latest crypto project to launch a successful airdrop in Nigeria after the disappointment and delays of popular projects like Tapswap, Blum, and Hamster Kombat.
The Airdrop didn’t receive the same level of hype as the aforementioned projects laying credence to the theory that the higher the number of people involved in an Airdrop campaign, the lesser the chances of the Airdrop happening.
Hamster Kombat which is arguably the biggest Airdrop campaign in the crypto industry has suffered a series of setbacks and delays frustrating Nigerians who have invested so much in it.
What to Know
DOGS is a meme coin hosted on the TON blockchain, inspired by a dog mascot named Spotty. DOGS joins the category of other Dog-themed memecoins like DOGE coin and Shiba Inu.
DOGS token price at the moment is $0.00148.
