DOGS Meme Coin Hits $2.38 Billion Trading Volume

Introduction to DOGS Meme Coin

The DOGS meme coin was created to represent the culture of the Telegram community. It has achieved an impressive daily trading volume of $2.38 billion and a market cap of $777 million.

Development and Features

Pavel Durov, the founder of Telegram, developed DOGS. The coin features a dog mascot named “Spotty.” Recently, the project announced an airdrop and secured listings on top cryptocurrency exchanges like Binance, OKX, and Bybit.

Airdrop Details

The upcoming airdrop will distribute 440 billion DOGS out of a total supply of 550 billion. A significant 81.5% of these tokens are allocated to the community. Of this, 73% will go to early Telegram users, known as “Telegram OGs.”

An additional 4.5% of the DOGS supply is set aside for traders, sticker creators, and future community members. The remaining tokens are divided, with 10% reserved for the project team and development, and 8.5% allocated for liquidity and exchange listings.

Market Trends and Data

Data from Coinglass shows that DOGS’ recent price surge is supported by a 68.5% increase in open interest, now at $164.26 million. There has also been a 139% rise in trading volume. This suggests that more traders are betting on price changes, which could lead to increased market volatility.

However, the weighted funding rate has dropped from 0.0144% to 0.0087%. This indicates lower demand for long positions and reflects a decrease in trader confidence regarding further price increases.

Price Stabilization and Market Sentiment

Currently, DOGS’ price is stabilizing within a narrow range. This process took Notcoin, another TON-based token, a week to achieve. The faster stabilization of DOGS might suggest that its community is more focused on long-term value rather than short-term gains.

Although rising open interest and increased trading volume signal strong market interest, the drop in funding rates shows less certainty among bullish traders. If traders start closing positions, it could lead to increased volatility and possible market corrections.

Analyst Warnings

Analysts caution that there remains a risk of increased selling pressure as the community continues to assess the DOGS token’s long-term potential.