Investors Cash Out as Telegram-Based Memecoin DOGS Launches

DOGS, a memecoin built on The Open Network (TON), officially launched on August 26th at a trading price of $0.001734. Following the launch, however, most investors flipped their DOGS holdings for other crypto assets like USDT. The massive cash-out has dragged its price to $0.001252 at press time.

Source: CoinStats

Despite DOGS’ sudden price dump, there is hope that the token will unlock new price heights. Here’s why.

Can DOGS Unlock New Heights?

Before DOGS’ launch, several prominent crypto exchanges revealed plans to list the token, pending its official debut in the crypto market. With DOGS’ price currently below 30% of its peak value, it may seem that the memecoin has a slim chance of seeing a price rebound.

Bitget, one of the crypto exchanges that listed the memecoin today, announced that DOGS is currently available for futures trading with a leverage of up to 75x. High leverages allow for opportunities to unlock more gains. Crypto traders interested in maximizing their gains often engage in such trading activities. Crypto exchanges have made similar moves in the past, causing significant price increases for the memecoin involved.

$DOGS USDT-M Futures is now available on #Bitget with a maximum leverage of 75x!

🚀 Trade now: https://t.co/wXMqozf0QT

— Bitget (@bitgetglobal) August 26, 2024

Since DOGS is currently available for trading on Bitget, the TON-based memecoin can likely unlock new heights as investors need to purchase the token to trade.

DOGS’ Meteoric Rise in Weeks

DOGS’ rapid embrace was influenced by Notcoin’s success and the popularity of multiple Telegram-based games. However, DOGS takes a turn different from most Telegram-based crypto projects. Users with older Telegram accounts received larger memecoins. Telegram Premium users received additional benefits. Little wonder, the project touts itself as “the most Telegram-native meme coin.” Users also performed additional tasks to show their loyalty to the project.

The inherent mechanics earned DOGS a cult-like following on its platform and across social platforms. On X alone, the memecoin has a whopping 3.9 million user base. Its Telegram community has over 16.7 million subscribers.