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$DOGS Token, a memecoin built on The Open Network (TON) blockchain, has made a splashy debut. The token recorded a staggering $2 billion in trading volume on its first day, according to an analysis from CEX.IO analytics team.
The figure positions $DOGS as a key player in the market, rivaling even the well-established Solana in terms of daily trading activity. Moreover, DOGS’ launch day volume was twice that of Notcoin’s launch day volume.
The token even beat popular meme coins, with its daily volume being four times greater than DOGE’s daily average, and significantly higher than both WIF and FLOKI‘s peak volumes.
According to data from CoinMarketCap, DOGS also surpassed the ATH trading volumes of WIF and FLOKI.
Majority of DOGS’ Trading Volume Came From CEXes
The majority of DOGS’ trading volume is concentrated on major exchanges, with Binance and Bitget together accounting for over 43% of the asset’s daily activity.
Currently, DOGS boasts over 350,000 unique addresses holding the asset. In comparison, Notcoin, which has been in circulation longer, has over 2.6 million addresses.
The DOGS team plans to introduce new features within the token’s app, including meme stickers that users can mint and trade on-chain, along with customizable content.
“These additions aim to enhance user engagement and broaden the utility of the token,” the CEX.IO analytics team wrote.
Officially introduced in July 2024, DOGS is marketed as the “most Telegram-native memecoin.” The token draws inspiration from Spotty, a mascot promoted by Telegram‘s founder and CEO, Pavel Durov, who is currently in the middle of his own legal battles following his recent arrest.
The official DOGS channel on Telegram, known as the Dogs Community, has amassed nearly 17 million subscribers. Similarly, the DOGS Community’s official account on X has garnered 3.9 million followers since its first post in July — putting it right up there with Pi Network and Ethereum in terms of followers.
DOGS Faces Risk of Crash
Despite its successful launch, DOGS is not immune to the risks of a price crash. When Notcoin (NOT) was first listed on open markets, it experienced a dramatic 60% drop in value as early investors rushed to cash in on their gains. The token stabilized within a week.
DOGS faces a similar, though less severe, situation, according to the CEX.IO analytics team. “After its debut, DOGS also saw a price drop, likely driven by profit-taking. However, the decline was much smaller compared to Notcoin — around 25%,” they wrote.
Several factors may have contributed to the dip, including the questions over Telegram’s future, which negatively affected all Telegram-associated tokens. The team said that without this external event, the price drop might have been smaller.
“Currently, DOGS’ price is consolidating within a narrow range, a process that took Notcoin a week to achieve,” the CEX.IO analytics team wrote.
They added that the quicker stabilization might suggest that the DOGS community is less focused on short-term gains and more committed to the token’s long-term potential.
“However, there remains a risk that selling pressure could increase as the community continues to assess the token’s long-term potential,” they added.
DOGS’s tokenomics also play a crucial role in its market performance. With 81.5% of the total supply allocated to the community and no locking periods, the token’s value is highly dependent on community sentiment and perceived utility.
DOGS Token Leads to TON Network Outage
The much-anticipated launch of DOGS led to congestion on the TON network. The rush to claim airdropped DOGS tokens on-chain led to significant network congestion, with the TON blockchain experiencing an unprecedented spike in activity.
On Tuesday night, the official X account for the TON blockchain said the network is “currently experiencing a disruption in block production.” The team cited “abnormal load” as the reason, highlighting that roughly 20 million transactions had been executed over the past 48 hours.
“Several validators are unable to clean the database of old transactions, which has led to losing the consensus,” it said. TON validator nodes reportedly lost consensus due to the increased load.
TON Core, the network’s development team, urged validators to restart their nodes at 4:00 AM UTC. The coordinated restart aimed to reset the validators’ processes, clear the backlog of tasks, and return them to synchronization.
TON Blockchain is currently experiencing a disruption in block production.
The issue is occurring due to the abnormal load currently on TON. Several validators are unable to clean the database of old transactions, which has led to losing the consensus.TON Core has issued a call…
— TON ?? (@ton_blockchain) August 28, 2024
Eventually, after a more than 7-hour outage, the network resumed producing blocks.
The Bottom Line
DOGS Token made a splashy debut with $2 billion in first-day trading volume. Its launch even caused a 7-hour outage on the TON network due to overwhelming transaction volumes. Nevertheless, the token faced a 25% price drop due to profit-taking and market events.
