As a seasoned researcher with over a decade of experience in the cryptosphere, I must admit that the hype surrounding DOGS is both intriguing and somewhat reminiscent of the early days of Bitcoin. The pre-market trading volumes on platforms like Bitget are staggering, with millions pouring into what could potentially be a multi-billion dollar project.
Prior to the launch of TON memecoin on August 23, Bitget had already processed more than $4 million worth of trades during its presale phase.
The practice of trading derivatives associated with upcoming cryptocurrencies prior to their official launch is gaining traction in the crypto world. Such pre-listing trading enables speculative investors to engage in trading before the main token listing. For instance, DOGS has garnered significant attention, with platforms like Bitget, KuCoin, and Gate offering pre-market products for this particular coin.
ICYDK: $DOGS is now available for pre-market trading on #Bitget! 🐶
👉 Trade now:
— Bitget (@bitgetglobal) July 12, 2024
On August 19th, an email from a representative of Bitget revealed that the volume of Tether (USDT) on their platform was almost at $4 million. Some speculate that the token could reach a fully diluted valuation of $550 million at launch. The price of DOGS traded below a cent and around $0.001 on Bitget’s pre-market facility as well as other platforms.
In contrast to the general market drop, Dogs on Solana (DOGS) soared more than 60%, an increase driven by heightened airdrop activity. It’s important to note that this DOGS is distinct from the DOGS token based on TON.
Over 6m verified DOGS users claim 30% of 440b airdrop
As reported by the DOGS community on Telegram, over six million confirmed users of mini-apps have expressed their desire to obtain the airdrop through compatible exchanges. Notably, Telegram’s internal wallet application predominantly caters to The Open Network (TON).
Users must complete their airdrop registrations on exchanges or the Telegram Wallet no later than 6 pm (UTC) on August 21. The deadline for making non-custodial wallet claims is 8 am (UTC) on August 23, with the token expected to be listed by noon (UTC) on the same day, as announced by DOGS.
Dogs, modeled after Spotty – a character dreamt up by Telegram’s creator Pavel Durov, serves as a mini-app token. This innovative project was released last month and has amassed an impressive user base of approximately 53 million individuals, with around 42.2 million eligible to receive the airdrop.
Approximately 82% of the 550 billion DOGS tokens were distributed to users, while 10% was set aside for the team and future developments. The project is unable to sell any tokens until August 2025 due to a 12-month lockup period. Furthermore, about 8.5% of the total supply was held back for maintaining liquidity in the market.
One popular way among numerous games on the TON blockchain is DOGS, causing a stir in the web3 sector. Projects such as Notcoin (NOT) have dispersed billions to its early adopters, while teams like Hamster Kombat aim to deliver what they claim will be “the largest cryptocurrency airdrop ever.”
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2024-08-19 20:56