Lately, the entire crypto market has gone bearish, with Bitcoin (BTC) leading the fall with about a 9% drop in price. However, despite this drop in price by most cryptocurrencies, TON-based dogs (DOGS) witnessed a significant surge in price in the last 24 hours—how did this happen?
DOGS recorded a 34% increase in its price amid market volatility, which saw most major cryptocurrencies go red, and the TON blockchain’s recent outage.
This appreciable price surge moved the token’s market capitalization above $800M, subsequently triggering a bullish sentiment among investors.
DOGS’ Unprecedented Rise In The Crypto Market
DOGS meme coin, launched by Telegram co-founder Pavel Durov, who was arrested, has been making a significant wave in the crypto market since its launch.
Recently, major cryptocurrency exchanges, such as Bybit, OKX, and Binance, also revealed their plans to list the tokens on their platforms.
When discussing its tokenomics, DOGS developers revealed their plans to offer 440B tokens as an airdrop to eligible users out of the company’s total supply of 550 B tokens.
They further revealed that about 81.5% of DOGS’ total supply has been allocated to the token community, 73% earmarked for “Telegram Ogs,” who will earn the token on the Telegram app.
An additional 10% was assigned to the project’s developers for future development, and 8.5% was allocated for liquidity on both centralized and decentralized exchanges and listing-related events.
The remaining 4.5% would be rewarded to interested traders, sticker creators, and future community members.
On August 26, DOGS was listed on major cryptocurrency exchanges. Shortly after the listing, some of these exchanges experienced technical issues primarily caused by an “unprecedented surge in user activity” after the token launch.
The unexpected surge in on-chain activities temporarily disrupted operations on these exchanges.
Crypto exchanges were not the only entities affected by the technical glitch; Telegram Wallet was also affected.
According to Telegram Wallet’s channel, the DOGS release “created quite a buzz,” which caused the platform’s exchange feature to be “temporarily unavailable.”
The TON blockchain’s recent outage on August 27 was attributed to the massive airdrop. According to the community report, the outage, caused by network overload, disrupted block production for over 6 hours.
The TON Foundation said that the overload was linked to an increasing number of DOGS transactions.
Two days before the airdrop, the TON network recorded more than 20M transactions, which resulted in “garbage collection overloading many of the validators for enough time for them to lose consensus.”
DOGS Becomes Largest Gainer Among The Top 100 Cryptocurrencies
Last Tuesday, the crypto market experienced a retrace that caused the entire crypto market to dip. Bitcoin (BTC) crashed from above $60K to below $58K. Most other altcoins were also in red.
But during this dip, DOGS remained untroubled, hovering between the $0.00115 to $0.001125 price range. Altcoin Sherpa revealed in an X post that DOGS “didn’t move amidst all the volatility.”
Soon after the TON network was restored, the DOGS meme coin witnessed a positive price action with a significant 33.6% increase in price from $0.00124 to $0.00166.
This move pushed the meme coin to become the largest gainer among the top 100 cryptocurrencies in the last 24 hours.
Also, DOGS’s market cap rose above $843M, making the token the 92nd largest cryptocurrency. At the time of writing, the price of DOGS was $0.00159, while the market cap has retraced to $800M.
