Prior to the DOGS listing on August 23, Bitget recorded over $4 million in pre-market trading for the Telegram-based memecoin TON.
Pre-market trading is becoming increasingly popular in the cryptocurrency space. Platforms include derivatives for tokens that have not yet been launched, allowing speculative investors to trade ahead of the primary listing. DOGS has enjoyed similar hype, with several platforms such as Bitget, KuCoin, and Gate launching pre-market products for the coin.
Volumes almost surpassed $4 million in Tether (USDT) only on Bitget, said a Bitget representative crypto.news via email on August 19. Many believe the token could instantly reach a fully diluted valuation of $550 million at launch. On the Bitget pre-market platform and elsewhere, DOGS was trading for less than a cent and around $0.001.
Meanwhile, BinanceDog On Sol (DOGS) defied a broader market decline and surged over 60% as airdrop activity increased. The coin should not be confused with the TON-based DOGS.
Over 6 million verified DOGS users claim 30% of 440b airdrop
According to the DOGS community on Telegram, more than six million verified users of the mini-app have required to receive the airdrop through supported exchanges. Telegram’s built-in wallet app is primarily focused on The Open Network (TON).
Claimants have until 6 pm UTC on August 21 to queue for airdrop deposits on exchanges and the Telegram Wallet. DOGS has set a deadline of 8 am UTC on August 23 for non-custodial wallet claims, and the token is scheduled to be listed at noon UTC on the same day.
DOGS is a mini-app token inspired by Spotty, a mascot created by Telegram founder Pavel Durov. The project was launched last month and has gathered over 53 million users, of which 42.2 million are eligible for the airdrop.
Nearly 82% of the 550 billion DOGS tokens were allocated to users, with 10% earmarked for the team and future upgrades. A 12-month lock-up period means the project cannot liquidate tokens until August 2025. Additionally, 8.5% was reserved for liquidity purposes.
DOGS is one of the many TON-powered Telegram mini-games that are creating buzz in the web3 industry. Projects like Notcoin (NO) distributed billions to early adopters, and other teams like Hamster Kombat have Fiance to deliver “the largest airdrop in cryptocurrency history.”
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