DOGS Trader Bags 420% Gains Before Binance Listing

• DOGS, a new community-focused meme coin, faces a turbulent launch.
• Issued as a reward token via Telegram’s bot, DOGS is capped at 550B.
• One smart money investor nabs $77K profit on the coin’s listing day.

DOGS, a new meme coin, has raised eyebrows due to massive on-chain activity on the coin’s listing day on several exchanges. Listed on Binance on August 26, 2024, DOGS soared 124% to reach an all-time peak of $0.001733 in the afternoon of the same day.

Later, facing a market correction of over 20%, DOGS recorded a hefty trading volume of $1.75 billion in 24 hours. Intriguingly, some crypto traders managed to capitalize on DOGS right before the coin got simultaneously listed on Binance and Bybit, as the canine crypto was available for trades on decentralized finance (DeFi) platforms.

DOGS Sees Hiccups on Listing Day

Debuting on Binance as the 57th Binance Launchpool project, DOGS faced unusually high on-chain activity as crypto enthusiasts flocked to cash out their airdrops on TON’s blockchain. Until August 18, 2024, crypto enthusiasts on Telegram could interact with the DOGS House Bot for immediate rewards based on their profile activity.

Inspired by the cartoon dog Spotty, a character created by Telegram’s CEO Pavel Durov , the TON-based token saw requests piling up to 150,000 times per minute. The tsunami of user activity on launch day has extended beyond The Open Network, where the coin is hosted.

Binance and Bybit reported service disruptions due to higher-than-expected activity. During the influx of activity, Binance temporarily suspended Toncoin’s deposits and withdrawals, but the service was restored a few hours later.

Meanwhile, Bybit released a service disruption statement, naming the unforeseen activity surge as a key reason for the setback and vowing to increase server capacity to meet the growing demand.

Here’s How One Trader Banked 420%

In a smart money move discovered by crypto intelligence platform LookOnChain, one trader spent 3,271 Toncoins to acquire 55.9M DOGS a few hours before Binance’s listing for as little as $0.00013. Later, the trader sold 20M of their acquired DOGS stash for 6,150 TON. The trader deposited the rest to Bybit, banking a net profit of $77.3K.

While the initial listing day was supposed to be August 20, 2024, 6 million verified Telegram users requested deposits were pushed back due to a decision by the DOGS developer team, who extended the DOGS airdrop claim deadline to 23 August 2023.

As of press time, DOGS is knocking at crypto’s TOP 100 door with a global market capitalization of $633 million. Facing an 11.1% market correction the day after Binance and Bybit listings, DOGS is now trading at $0.001224, according to CoinGecko .

On the Flipside

• The smart money trader’s move to buy DOGS meme coin at a discounted price right before two major centralized exchanges listed it raised the X audience’s suspicions that it was an insider.

Why This Matters

Fairly-launched community meme coins allocate the majority of tokens to the community via airdrops, putting the project into the hands of crypto enthusiasts.

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