DOGS Token Price Soars 330% at Launch Before Stabilizing Across Major Exchanges

The Dogs Crypto Project, a unique memecoin built on The Open Network (TON) blockchain, launched its DOGS token, on August 26, 2024, at noon UTC. This significant event took place on several major cryptocurrency exchanges, including Binance, ByBit, OKX, Bitget, and Gate.IO. The DOGS token price gained considerable attention due to its strategic launch across these platforms from the crypto community due to its strategic positioning and the project's innovative approach to integrating blockchain technology with social media platforms.

The project is inspired by Spotty, a dog doodle created by Telegram founder Pavel Durov. This connection to Telegram is central to the project's strategy, as it aims to leverage the app's vast user base through a "tap-to-earn" feature. This feature allows users to earn DOGS tokens by engaging with the app, completing tasks, and participating in community events, thereby fostering a strong, engaged community.

DOGS Tokenomics

Source: DOGS Community Telegram channel

The DOGS token tokenomics has a total supply of 550 billion tokens, with a token distribution model designed to prioritize community engagement. As part of its community-driven strategy, the project allocated 81.5% of the DOGS tokens to early Telegram users and the broader community. This includes airdrop rewards for activities such as referrals and daily check-ins, ensuring that the crypto community remains engaged and active. This community-centric approach is a key aspect of the project's strategy to build a loyal user base.

In addition to community allocations, the development team holds 10% of the total supply, which is vested over 12 months to ensure long-term commitment and stability. Another 8.5% is reserved for liquidity on exchanges, facilitating smooth trading and reducing volatility. The project also conducted a substantial airdrop campaign, distributing DOGS tokens to early adopters and active community members, further strengthening its community ties.

DOGS Token Price Launch Remarkable Performance

Source: Binance Exchange.

As of August 27, 2024, at 10:00 AM UTC, 21 hours after its listing, the DOGS token price is trading at approximately $0.0013 across major cryptocurrency exchanges like Binance, ByBit, and Bitget. The launch on Binance saw the DOGS token starting at a trading price of $0.0005454. Within the first minutes, DOGS experienced a remarkable surge of 330%, reaching a high of $0.0018. This rapid increase was followed by a sharp correction, dropping the DOGS token price to $0.001203, a level it has maintained relatively steadily since then.

The trading volume for DOGS has been substantial, with a total of $1.7 billion traded in the first 22 hours. Binance led the exchanges in trading volume, accounting for 42% of the total activity. Bitget followed with 29% of the volume, and Bybit contributed 14%. This distribution highlights the significant interest and liquidity provided by these platforms, which are crucial for the token's market presence and stability.

The current market capitalization of DOGS stands at $652 million. Given that nearly all of the tokens are in circulation—516.75 billion out of a total supply of 550 billion—the market cap is closely aligned with the fully diluted valuation (FDV) of $692 million. This close alignment between market cap and FDV reflects the token's broad distribution and the community's active participation in trading activities.

Despite the initial volatility, the DOGS token has shown resilience in maintaining its price level. The strong community backing and strategic exchange listings have played pivotal roles in supporting its market performance. As the project continues to engage its community and deliver on its roadmap, the token's price stability and market cap are expected to benefit from increased adoption and utility within the ecosystem.

Future Plans

The Dogs Crypto Project has ambitious plans for the future, aiming to expand its ecosystem and increase the utility of the DOGS token. One of the key initiatives is the development of an NFT platform on the TON blockchain, which will allow users to create, trade, and own digital assets using DOGS tokens. This expansion into the NFT space is expected to attract a new segment of users and increase the token's overall utility.

In addition to technological advancements, the project is committed to social responsibility. A portion of the proceeds from token sales is earmarked for charitable initiatives, supporting orphanages and children's homes. By aligning its growth with positive social impact, the Dogs Crypto Project aims to build a brand that resonates with both crypto enthusiasts and socially conscious investors.