Telegram Drives Major Crypto Success with Popular Tokens Like DOGS and Notcoin
With a thriving user base of 950 million Telegram, the well-known social media platform, has become a significant player in the cryptocurrency market. The platform’s ecosystem has been instrumental in the creation and promotion of several highly sought-after tokens, including Notcoin, Hmaster Kombat, and the popular DOGS token. Recently, the hype surrounding these new token launches led to a major milestone, with the DOGS airdrop distributing a staggering 40 billion tokens in just 48 hours.
DOGS Airdrop Distributes 40 Billion Tokens to 2.5 Million Users
DOGS, a popular token built on the TON blockchain, has quickly gained traction following its launch on several major cryptocurrency exchanges. Inspired by the character Spotty the Dog, the project gained momentum with a second airdrop of 40 billion DOGS tokens, following an earlier distribution of 2.75 billion tokens to Notcoin holders.
The latest airdrop targeted users who hadn’t previously received their DOGS tokens via the On-Chain platform. Over the course of just two days, 2.5 million users received their tokens, an announcement that was made on Telegram by the DOGS team, ensuring that all recipients were notified of their token allocations.
However, some challenges arose during the airdrop process. A number of users who opted to receive their tokens via the TON wallet instead of a centralized exchange encountered delays, which negatively impacted their experience.
DOGS Price Rises 8% in 24 Hours
Following this latest airdrop, the price of DOGS saw a notable 8% increase within the last 24 hours, with the token now trading at $0.001088. The surge also boosted its market capitalization to $563 million, supported by a 23% increase in trading volume, which hit $482 million.
Despite the recent upward trend, DOGS is still trading 34% below its all-time high of $0.001644, which was reached just eight days ago. That peak occurred following Binance’s listing of DOGS in its 57th Launchpool event, which drove a 124% increase in the token’s value. However, the combination of increased liquidity and a growing presence of sellers has led to downward pressure on the price, and further declines could be on the horizon.
On the other hand, some analysts predict an upward move for DOGS if the price can break through the first resistance level of $0.00018681, suggesting there may still be room for growth.
Final Thoughts
The recent success of the DOGS airdrop, which distributed 40 billion tokens to 2.5 million users, has sparked renewed interest in the token, resulting in an 8% price surge over the past 24 hours. While the market cap and trading volume have also seen significant growth, historical patterns suggest a potential price decline in the near future, similar to what occurred after the earlier distribution of 2.75 billion DOGS to Notcoin holders.
Despite these fluctuations, DOGS and other meme-based tokens continue to attract substantial attention, with one trader reportedly turning a $1.2K investment into $10 million after a token surged by an astounding 400,000%, underscoring the growing influence of meme coins in the crypto market.
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