The DOGS meme-inspired cryptocurrency skyrocketed by 38% today, defying a broader slump in the crypto market. Within just three hours, it jumped from $0.0012 to $0.00167, nearly reaching its Binance listing price of $0.0018. This remarkable surge highlights the coin’s growing popularity despite current market challenges.
Current Market Position
As a result of this rapid price increase, it has achieved notable rankings in the cryptocurrency market. With a market cap of $803 million, it now ranks as the 75th largest cryptocurrency by this metric. In terms of daily trading volume, it has reached an impressive $1.56 billion, making it the 9th largest by this measure. Furthermore, DOGS has become the best-performing cryptocurrency among the top 100 digital assets in terms of price performance.
What is DOGS?
Launched on the TON blockchain, DOGS first appeared as an app on Telegram in early July. The app allows users to earn DOGS tokens based on their account registration date and by inviting new users through a referral system. For an account age of 11 years, users could receive approximately 10,000 DOGS tokens. The creators quickly announced plans to launch the token and list it on cryptocurrency exchanges.
The Story Behind the DOGS App
The DOGS app features Spotty, the unofficial mascot of the VK social network, as its logo. Pavel Durov, who created Spotty during a charity auction, also founded Telegram. Interestingly, about ten years later, Spotty became a digital asset, coinciding with Durov’s imprisonment in France. He was arrested on multiple charges, primarily for refusing to cooperate with authorities in disclosing private user data.
Timing of the Token Launch
Notably, the DOGS token launched just two days after Durov’s arrest. This timing adds an intriguing layer to the story, as the coin’s rise coincides with significant legal challenges for Telegram’s creator. Despite these developments, it has managed to capture the attention of the cryptocurrency community, positioning itself as a formidable player in the dog-themed meme coin arena.
