DOGS is a new Ton-based memecoin. The crypto has been immensely popular in the crypto world, so much so that in August 2024, it twice led to a crash in the Ton blockchain. Remember, Ton is one of the most scalable blockchains, with a theoretical capacity of 100,000 transactions per second.
With this article, DroomDroom comprehensively explores the new memecoin and also dives in great depth to bring all the information around the new memecoin that has taken the world by storm.
What is DOGS, The New Ton-based Memecoin?
DOGS is a newly launched Ton-based memecoin created in the image of Spotty, a mascot created by Pavel Durov.
The memecoin was launched on the Ton blockchain coincidentally, along with Telegram founder Pavel Durov’s arrest in France. And in a second coincidence, the Ton blockchain recovered from a DOGS-led crash when Pavel Durov was released from police custody.
Just three days after its launch, DOGS had a market cap of $730 billion, making it the 8th largest blockchain. The token also has an extremely user-friendly tokenomics that discourages hoarding and manipulation. We have explained this in detail in the next section.
Technical Overview
Here are the technical details of the DOGS memecoin that we have curated from the project.
The project did not have any website at launch.
The coin and its transaction history can be seen on Ton Explorer.
The price of $DOGS memecoin at launch was $0.001528.
The smart contract address for the token is
EQCvxJy4eG8hyHBFsZ7eePxrRsUQSFE_jpptRAYBmcG_DOGS
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Tokenomics
DOGS has a very retailer-friendly tokenomics, which allows it to be one of the top coins that cannot be manipulated by whales, at least in the near future.
The crypto has already sent 94% of its total token supply (55 Billion) into circulation. This not only increases the trust in the blockchain but also assures that no single party can hoard a lot of coins.
Moreover, 81% of the total token supply was released to its community without any locking period, therefore rewarding all users without any hold-back.
Firstly, in several former founder-manipulated cryptocurrencies, it was found that the founders deliberately kept the lion’s share of the token distribution and when the price hits a certain level (on the upside), they sell their entire stash, triggering a sell-off where common investors get caught up in losses.
Secondly, the presence of a high number of tokens in circulation makes sure that the token is well distributed in the crypto community, and there are very few chances of a whale-like hoarding.
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Token Listing on Exchanges
DOGS was listed on five centralized exchanges on 26 August 2024.
DOGS Popularity Crashes The Ton Blockchain
DOGS cryptocurrency became so popular that it led to two crashes in Ton’s blockchain in the first three days of its launch. The first crash occurred on 27 August 2024 around 10 pm UTC and could only resume 3 hours later.
It was estimated that Ton witnessed around 150,000 transactions per second, i.e., 50% higher than its capacity. Several exchanges like Bybit had to cease services on the crypto to avoid risking an exchange crash.
Ton’s team then had to intervene, assuring the users that the blockchain was recovered and would be stress-tested for 10 million transactions. However, things didn’t turn out as expected.
The second crash in the Ton blockchain caused by DOGS memecoin occurred on 28 August around 07:19 pm UTC and lasted until 1:00 am on 29 August. This time, an expected 20 million transactions were sent to the blockchain in two days, twice larger than ever imagined.
This overloaded the validators, causing them to lose consensus and temporarily abandon transaction processing. However, they were back by the early morning (UTC) of 29 August.
Conclusion
The DOGS token is a new memecoin with a pure community-driven approach proven by its very high ratio of circulating tokens. The new memecoin seems to be aiming to create a community where the real power is held by the members. This approach had led to such popularity that the crypto crashed the Ton blockchain due to a record number of users.
The project has only two social media accounts and no website, yet we expect more details to emerge with time.
Frequently Asked Questions
What Sets DOGS Aside From Other Memecoins like Shiba Inu (SHIB), Sundogs(SUNDOG) or Dogwifhat(WIF)?
The DOGS memecoin has given the community 81% of its total supply, which is all unlocked. The project, too, has been made highly community-oriented, so much so that there isn’t any official website. All it has is a Telegram and an X.com page.
What Could be Its Future Price?
The DOGS memecoin has given the community 81% of its total supply, which is all unlocked. The project, too, has been made highly community-oriented, so much so that there isn’t any official website. All it has is a Telegram and an X.com page.
Can we Participate in DOGS Governance?
At launch, there was no news about governance. However, being a community-driven token, we can expect a few governance-related news stories in the near future.
Is the DOGS Memecoin Inflationary or Deflationary?
Like all tokens with a fixed supply like Shiba Inu, DOGS, too, is deflationary, which means the project might not mint more tokens in the future and focus on burning the existing ones to alleviate the price of DOGS.
