TON’s DOGS memecoin in the spotlight: A wild ride of listings and rising demand

In a real frenzy of joy, TON’s memecoin DOGS was officially launched on major exchanges, sending shockwaves through the crypto community.

With a staggering total supply of $550 billion $DOGS, the distribution of the token will be split between community rewards, team allocation, and liquidity provisions.

TON memecoin DOGS is issued. According to Tonviewer, the current balance on Binance is about 89 billion DOGS, of which 42.57 billion is pre-deposit, 22 billion is on Launchpool, 24.3 billion is pre-deposit reward, about 51.3 billion DOGS is pre-deposit on Bybit, and about… on OKX.

— Wu Blockchain (@WuBlockchain) 26 August 2024

A full 81.5% is earmarked for the community, 73% is reserved for Telegram OGs who have earned $DOGS through the app. The remaining portion will reward traders, sticker creators, and new community members. The team has reserved 10% for future development, which is locked in a 12-month lock-up period, while 8.5% is earmarked for liquidity and exchange listings.

Dogenomics breakdown
– 81.5% allocated to the Community:

– 73% of the total supply is dedicated to the Telegram OGs who have earned $DOGS via the app.

– The remaining part is reserved for rewarding merchants, sticker creators and new community members. pic.twitter.com/CY32R0txFL

— OnlyOneApril🗽 (@ProsperoApril) 20 August 2024

Network delays as users rush to collect their airdrops

As the on-chain claiming process began, the TON network was stress tested, with up to 10 million users trading simultaneously. Binance reported a delay in the TON network upgrade, which resulted in a temporary suspension of deposit and withdrawal services.

TON said that since the DOGS community started the on-chain claiming process, the current processing speed of requests has reached 150,000 times per minute. The TON network is undergoing a stress test with up to 10 million users trading simultaneously. Binance…

— Wu Blockchain (@WuBlockchain) 26 August 2024

Meanwhile, Telegram Wallet and Bybit experienced technical issues due to the sharp increase in user activity.

Telegram Wallet stated that the release of DOGS caused several crypto exchanges and some wallet features to not work, and the wallet’s exchange feature is currently unavailable. Bybit stated that the application was down for a while due to a surge in user activity, but…

— Wu Blockchain (@WuBlockchain) 26 August 2024

Despite the chaos, DOGS’ market cap rose to $800 million before settling at a trading price of $0.0012. This wild ride marks the beginning of a new chapter for TON’s memecoin and has investors and enthusiasts eagerly anticipating what comes next.

BREAKING NEWS: $DOGS reached the market capitalization of $847 million in the 1st hour 🤯🦴 pic.twitter.com/Crj1gncJ1o

– Viktor 🐯🧡 (@s0meone_u_know) 26 August 2024

Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.

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