DOGS pre-market price hints at $550 million FDV on launch: Bitget

August 19, 2024 at 5:54 pm

Edited by Jayson Derrick

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DOGS pre-market price hints at $550 million FDV on launch: Bitget

Before the DOGS listing on Aug. 23, Bitget recorded over $4 million in pre-marketing trading for the Telegram-based TON memecoin.

Pre-marketing trading is becoming increasingly popular in the crypto space. Platforms list derivatives of yet-to-launch tokens, allowing speculative investors to trade ahead of the main listing. DOGS has enjoyed similar hype, with several platforms like Bitget, KuCoin, and Gate launching pre-market products for the coin.

https://twitter.com/bitgetglobal/status/1811596753986290131?s=46&t=TMI07H21nqgKjjcESnhqEQ

Volumes nearly surpassed $4 million in Tether (USDT) on Bitget alone, a Bitget representative told crypto.news via email on Aug. 19. Many believe the token may instantly achieve a $550 million fully diluted valuation at launch. On Bitget’s pre-market facility and other venues, DOGS traded for less than a cent and around $0.001.

Meanwhile, BinanceDog On Sol (DOGS) defied a broad market dip, surging over 60% as airdrop activity spiked. The coin should not be confused with the TON-based DOGS.

DOGS pre-market price hints at $550 million FDV on launch: Bitget - 1 — BinanceDog on Sol coin pumps on TON-based DOGS hype | Source: CoinMarketCap

Over 6m verified DOGS users claim 30% of 440b airdrop

According to the DOGS community on Telegram, more than six million verified mini-app users have requested to receive the airdrop via supported exchanges. Telegram’s in-built wallet app is primarily focused on The Open Network (TON).

Claimants have until 6 pm UTC on Aug. 21 to queue for airdrop deposits on exchanges and the Telegram Wallet. DOGS has set an 8 am UTC deadline on Aug. 23 for non-custodial wallet claims, with the token scheduled to be listed by 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 launched last month and has gathered over 53 million users, of which 42.2 million are eligible for the airdrop.

Just shy of 82% of the 550 billion DOGS token supply was allocated to users, with 10% earmarked for the team and future updates. A 12-month lockup period means the project can’t liquidate tokens until August 2025. Additionally, 8.5% was reserved for liquidity purposes.

DOGS is one of many TON-powered Telegram mini-games making waves in the web3 industry. Projects like Notcoin (NOT) distributed billions to early users, and other teams like Hamster Kombat have vowed to deliver “the largest airdrop in crypto history.”