DOGS Meme Coin Inspired by Telegram CEO's Pet Spotty Sparks 400% Profit for Smart Trader

DOGS, a new meme coin, has sparked great interest in the cryptocurrency market, particularly since its recent debut on major exchanges such as Binance

A new meme coin, called DOGS, has sparked great interest in the cryptocurrency market, especially after being listed on major exchanges like Binance and Bybit on August 26, 2024.

The listing came after an airdrop of the token to active Telegram users, as part of an ambitious distribution strategy that saw 42.2 million eligible users receive 81.5% of the total token supply.

The meme token quickly gained traction, with its price rising by more than 230% on its first trading day on Binance. The token’s early momentum is attributed to its roots in the TON blockchain and the strong community support it has garnered.

DOGS, which is inspired by Telegram CEO Pavel Durov's pet dog Spotty, has become a symbol of the growing significance of meme tokens in the cryptocurrency space.

Amid the hype, sharp-eyed traders have also capitalized on the volatility surrounding the token. According to Lookonchain, one such trader managed to profit more than 400% by strategically trading DOGS before and during its debut on centralized exchanges (CEX).

A smart trader has made over 400% profit by trading $DOGS!

How did he do it? ?$DOGS was already available for trading on #DEX a few hours before listed on #CEX, with the price as low as $0.00013.

The smart trader spent 3,271 $TON($18.4K) to buy 55.9M $DOGS, sold 20M $DOGS… pic.twitter.com/zqSxyEf0Xk

— Lookonchain (@lookonchain) August 26, 2024

The trader bought 55.9 million DOGS for 3,271 TON on a decentralized exchange (DEX), where the price was as low as $0.00013.

The trader sold 20 million of the meme token for 6,150 TON and then deposited the remaining 35.9 million DOGS, valued at around $61K, on a CEX, to sell at a higher price.

In total, the trader made a profit of $77.3K from the trades.

DOGS has since seen aراجع, with its current price being around $0.001225, down by 4.56% in the last 24 hours. The token is priced in the Toncoin at around 0.0035.

DOGS has a market cap of roughly $632.22 million, which showcases the widespread interest and adoption of the token.

Overall, DOGS exemplifies the continuing rise of meme coins, which are driven by both community engagement and market speculation. As the Toncoin ecosystem continues to evolve, DOGS is set to remain a focal point for both traders and enthusiasts alike.

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