As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the meteoric rise of DOGS, the Telegram community’s spirited meme coin. The daily trading volume of $2.38 billion and market cap of $777 million are impressive figures indeed, especially for a newly launched project.
In simple terms, the Dogecoin (DOGS) on the TON blockchain has surged to the forefront as the highest gainer among the top 100 cryptocurrencies in terms of market capitalization. Over the last 24 hours, its price increased by a substantial 21%.
Just now, the newly introduced meme coin, which aims to reflect the essence and ethos of the Telegram community, was reportedly exchanging hands for a daily trading value of approximately 2.38 billion dollars and boasting a market capitalization of around 777 million dollars.
The project called DOGS, which sports a canine mascot named “Spotty,” was developed by the founder of Telegram, Pavel Durov. Notably, this venture has declared an airdrop and plans to list on prominent cryptocurrency exchanges such as Binance, OKX, and Bybit.
440 billion DOGS tokens, which make up around 81.5% of the total 550 billion supply, will be distributed through an airdrop. A significant portion of these tokens, about 73%, are earmarked for early Telegram users, often referred to as “Telegram Pioneers” or simply “OGs.”
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.
According to Coinglass’s findings, the recent spike in DOGS‘ price is supported by a significant jump in open interest (up by 68.5%) to $164.26 million, and an increase in trading volume by 139%. This suggests that more traders are wagering on price fluctuations, potentially causing increased volatility.
As a crypto investor, I’ve noticed that the weighted funding rate has dipped from 0.0144% to 0.0087%. This could mean a decrease in demand for long positions, as traders appear less eager to pay a premium. This might indicate reduced confidence among traders about potential further price increases.
Currently, the value of DOGS is holding steady within a tight band, similar to how Notcoin, another TON-based token, took a week to accomplish this. This rapid stability could indicate that the DOGS community places more emphasis on long-term growth rather than immediate profits.
As increased open interest and a surge in trading activity show high market engagement, the fall in funding rates indicates a diminishing confident bullish outlook. If traders begin liquidating their positions, this could lead to heightened market fluctuations and potential price adjustments or corrections.
Dogs remained relatively stable despite the market turbulence, allowing me to purchase more.
— Altcoin Sherpa (@AltcoinSherpa) August 27, 2024
Yet, analysts warn that there could still be heightened selling activity since the community is still evaluating the token’s future value.
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2024-08-29 11:28