DOGS skyrockets 38% in price
Today, the valuation of DOGS, a meme-themed digital currency recently introduced on the TON blockchain, has soared dramatically, standing out amid a broader downturn in the cryptocurrency market. Within a brief three-hour window, DOGS experienced a substantial surge, climbing 38% from an initial $0.0012 to a peak of $0.00167.
This swift ascent in value positioned the newcomer amongst the pack of dog-centric meme tokens, nearly reaching its initial Binance launch price of $0.0018.
Currently, DOGS boasts a robust market capitalization of $803 million alongside a daily transaction volume of $1.56 billion. These impressive figures place it as the 75th largest by market cap and the 9th largest by volume among cryptocurrencies globally.
When it comes to its performance in the markets, this TON blockchain-based digital currency has outshone all others within the top 100 cryptocurrencies by market cap.
In early July, the DOGS application was launched on Telegram. Its core functionality awards users DOGS tokens based on the age of their Telegram account and their success in recruiting new users via a referral program.
An account with the maximum age of 11 years could net approximately 10,000 DOGS tokens. From the outset, the creators were vocal about their intention to launch and list the token across various cryptocurrency exchanges.
The DOGS app icon is represented by Spotty, an unofficial mascot for the VK social network, conceptualized by Pavel Durov during a fundraising event. Remarkably, a decade on, the illustration that inspired Spotty transitioned into a tangible digital currency while Durov himself was detained in a French jail.
This token debut occurred merely two days following the arrest of Telegram’s founder, Durov, on multiple counts that largely boil down to his refusal to aid government officials in compromising the privacy of user data.
