Gracy Chen: DOGS’ Success May Face Long-Term Challenges

Bitget CEO Gracy Chen has expressed concerns about the long-term viability of the DOGS memecoin, despite its record-breaking adoption. Chen believes that while the token’s ease of access is appealing, especially to non-crypto natives, it may hinder its success over time.

On Sept. 10, the TON Community on Telegram announced that the DOGS memecoin on The Open Network had set a new record, with 17 million users claiming its airdrop, making it the largest token generation event in crypto history.

According to the TON platform, the Dogs Mini App already had 53 million users, of whom 42.2 million were eligible for the airdrop. The event led to 4.5 million unique wallets holding DOGS tokens, with only Tether on the Tron and Ethereum blockchains surpassing DOGS in terms of holders.

Gracy Chen’s Cautionary Outlook

While this milestone is significant, Gracy Chen, CEO of Bitget, believes DOGS could face challenges before it can rival major memecoins like Dogecoin. She described the achievement as an “unprecedented benchmark,” noting that the scale of having 4.5 million unique wallets in just two weeks sets new records, not only in the memecoin space but across the broader Web3 ecosystem.

However, Chen emphasized that the TON integration with Telegram played a key role in this success, making it much easier for non-crypto users to participate in the memecoin ecosystem. The simplified experience, such as eliminating barriers like wallet creation or complex transactions, has driven rapid user adoption.

Long-Term Challenges for DOGS Memecoin

While this ease of access is beneficial in the short term, Chen warned that it could present challenges in the long run. Many DOGS users may not have prior experience with cryptocurrencies, which could impact the project’s sustainability. The Bitget CEO suggested that before making long-term projections, the memecoin’s audience must be assessed to determine how familiar they are with the broader crypto space.

To achieve long-term success, Chen believes that the DOGS project must fully integrate its users into the crypto ecosystem, converting non-crypto natives into active participants in the blockchain space.