DOGS, a meme coin based on TON, is the top gainer among the top 100 cryptocurrencies by market cap, with a 21% price jump over the past day.
The new meme coin, made to represent the Telegram community, had a daily trading volume of $2.38 billion and a market cap of $777 million. DOGS was created by Telegram's founder, Pavel Durov. The project recently announced it would be listed on major crypto exchanges. 440 billion DOGS tokens will be distributed in the airdrop, with 81.5% going to the community. 73% is for early Telegram users, called Telegram OGs. Another 4.5% will go to traders, sticker creators and future community members. The rest is for the team, development and exchanges.
DOGS' price has risen 68.5% in the last week, with open interest at $164.26 million and a 139% rise in trading volume. This shows more traders are betting on price changes, which will make it more volatile. However, the weighted funding rate has dropped, showing less demand for long positions. Traders are less willing to pay a premium, suggesting reduced confidence in further price gains. DOGS' price is currently stabilising, a process that took Notcoin, another TON-based community-driven token, a week to achieve. This might suggest that the DOGS community is less focused on short-term gains.