Amidst a general decline in the cryptocurrency market, the price of DOGS, a recently released cryptocurrency inspired by memes on the TONNE blockchain, has practically risen today. In only three hours, DOGS experienced a 38% increase from a low of $0.0012 to a high of $0.00167.
The newcomer to the dog-themed meme currency market nearly hit its Binance listing price of $0.0018 because to its rapid price growth.
As of right now, DOGS has a market capitalisation of $803 million and a daily volume of $1.56 billion. According to these parameters, this places it at the 75th and 9th largest cryptocurrency, respectively.
Nonetheless, among the top 100 largest digital assets, the cryptocurrency based on TONNE outperformed the others in terms of price performance.
What is DOGS?
Early in July, the DOGS app was released on Telegram. Its main functions were to invite new users through the referral system and to accumulate tokens of the same name to the user based on the date of account registration in the messenger.
Thus, you may receive around 10,000 DOGS tokens for an account that is at its maximum “age” of 11 years. The token’s debut and cryptocurrency listing were promptly disclosed by the founders.
The unofficial VK social network mascot, Spotty, was designed by Pavel Durov for a charity auction and is included in the DOGS app logo. It’s interesting to note that Durov ended himself in a French prison around ten years after the photo underlying Spotty developed into a fully fledged digital asset.
Coincidentally, the token launch coincided with the second day following the arrest of Telegram’s inventor on many accusations, the main one being his failure to comply with authorities about the release of private user data.
