Here’s why the DOGS token is rising as cryptocurrencies sink

September 6, 2024 at 5:52 pm

Edited by Jayson Derrick

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Here’s why the DOGS token is rising as cryptocurrencies sink

DOGS token rose for the third consecutive day as most cryptocurrencies retreated after the U.S. jobs report reignited recession fears.

DOGS (DOGS), which recently launched its airdrop, rose to a high of $0.0011, up by 16.5% from its lowest point this week. Still, it remains 33% below its all-time high.

Its rally was notable because Bitcoin (BTC) and most altcoins continued to fall. Bitcoin dropped below $54,000 for the first time in a month, while Solana (SOL) fell below $130. The total market cap of all cryptocurrencies dropped to $1.92 billion, and the crypto fear and greed index fell to the fear zone of 30.

The DOGS token rally was supported by increased volume in the spot and futures markets. Data shows that its futures open interest rose to $124 million, its highest point since Sep. 3. Additionally, volume in the spot market jumped to $541 million, its highest level since Aug. 31.

The most likely reason for the rally is the ongoing Binance Carnival, which is offering traders 40 million DOGS and 5 million NOT tokens for participating. The event, where users are depositing and trading the tokens’ futures, will end on Sep. 17.

This carnival likely explains why the DOGS open interest in the futures market on Binance has risen. $55 million of the $124 million in open interest was on Binance, followed by Bybit and Bitget. Binance also accounted for most of the volume in the spot market.

DOGS also rose as other tokens in the TON Blockchain gained after Pavel Durov delivered his first statement following his arrest. Toncoin (TON) rose by 1.67%, while Notcoin jumped by over 2%. In his statement, Durov expressed surprise at the arrest and mentioned that Telegram has an official EU representative handling law enforcement requests.

Durov, Telegram, and TON’s founder, was indicted for allegedly facilitating illegal activities on the app, which is used by over 900 million users. He was also accused of not responding to France’s law enforcement officials and now faces 10 years in prison.